There are ways for consumers to calculate the age at which they can retire. Doing so is as simple as using a retirement calculator, provided that the consumer has information on retirement savings and receiving Social Security benefits.
Retirement calculators are available on a number of websites, including the official website for the Social Security Administration and the website for the AARP. The calculator available through the Social Security Administration focuses on the amount of benefits a consumer can receive once a certain age is reached, and how much benefits are reduced should the consumer retire at the age of 62 versus waiting until 65 or 67.
The retirement calculator offered by the AARP focuses on how much a consumer has in retirement savings, as well as expenses and supplemental retirement income, such as Social Security. This calculator can also provide consumers with a glimpse of what age they may be able to retire at based on how much in retirement savings and expected supplemental income they have. It can also estimate how much a consumer needs to retire at a specific age. It also focuses on the type of lifestyle a consumer may like to live while in retirement by providing information on how much funds would be available each month.