Daily Money - That’s a Wrap for Aerosmith

What’s the ‘right’ age for retirement?
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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August 6, 2024
Retire with Money

In 1970, a group of Boston musicians formed a band that would become synonymous with rock ‘n’ roll. Over the ensuing 54 years, Aerosmith created 15 studio albums, 16 compilation albums and several live albums, all while embarking on a remarkable 33 tours. That came to an end on Friday, when the band announced it was concluding its farewell tour due to lead singer Steven Tyler’s ongoing vocal cord injury.

The news got me thinking about the iconic frontman’s age, and in turn, the average age at which Americans retire. In March, Tyler turned 76 years old. Meanwhile, the average age of retirement in the U.S. is 65 for men and 63 for women, according to financial services company Empower. So perhaps it was everyone else that should’ve been showing Tyler how to “Walk This Way.”

But with life expectancies on the rise and Social Security not paying maximum benefits until age 70, should Americans consider delaying retirement? The answer is personal — and based on factors including financial and physical well-being as well as the degree of passion one has for their work.

In short, there is no “right” age for retirement. Whether it’s vocational or philanthropic, continuing to do something you love is a net positive for your mental and emotional health as you age.

For the record:

  • Jane Fonda is still acting at 86.
  • Willie Nelson is still touring at 91.
  • And Mel Brooks is still writing comedy at 98.
— Jordan Chussler, investing and banking editor

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Stat of the Week: 7.4 million
Payment
Money; Shutterstock

About 7.4 million people will receive two Social Security payments in August. The scheduling change affects Supplemental Security Income, or SSI, which provides financial help to low- and no-income Americans who don't have many resources and are blind, disabled, or age 65 and up.

Money Move of the Week
Gold can be a safe haven in uncertain times
Gold

A precious asset for centuries, gold has proven its worth as a reliable hedge against economic instability. It can also diversify your retirement portfolio, potentially shielding it from inflation’s bite. Consider this timeless investment today to safeguard your financial future.

View our list of top-rated gold IRA providers.

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The price of gold has hit an all-time high amid a stock market correction, disappointing jobs report and rising tensions in the Middle East.
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Summer Games
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Veronica Fraley, discus thrower for Team USA | Getty Images

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A whopping 93% of parents say they’re concerned about inflation and rising education costs when it comes to saving for college.
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