Complete Guide on How to Retire at Age 80

SmartAsset Team

Sun, Mar 23, 2025, 3:30 PM 4 min read

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Retiring at age 80 isn't common. But, it can be a practical choice for many people. Some work longer because they enjoy it. Others simply need more time to build financial security. With people living longer and the cost of living going up, more are rethinking what retirement looks like. If you’re planning to retire later in life, here are five key things to consider when building a nest egg for retirement at 80.

Ask a financial advisor about structuring your retirement for preservation and growth.

To effectively plan for retirement at 80, you must first determine how much money you will need to support your lifestyle. This includes:

• Estimate your future expenses, such as housing, healthcare, daily living costs and discretionary spending.

• Consider whether you plan to downsize, relocate or continue working part-time.

• Factor in inflation and rising healthcare costs, as they can significantly impact your savings over time.

A retirement savings calculator can help you refine your savings strategy by providing an estimate based on your current savings, projected growth rate and future withdrawal needs. These tools allow you to adjust variables such as retirement age, expected return on investments and anticipated expenses to determine how much you will need to retire.

Using a savings calculator can help you create a more precise financial roadmap and make informed decisions, whether you are increasing your contributions or adjusting your investment portfolio. Having a clear vision of your financial needs will help you establish a realistic savings target.

If you want to work until age 80, staying physically healthy is important. Regular exercise, eating well and seeing your doctor can help you avoid illness and stay active. Activities like walking, strength training, or swimming can also keep your body strong and make it easier to work as you get older.

Your mental health also matters. Keeping your brain active by reading, learning, or doing puzzles can help you stay sharp. Reducing stress through things like meditation, hobbies, or spending time with others can improve focus and mood.

Diversifying your investments is a key way to manage risk and support long-term financial stability, especially if you plan to retire at 80. By spreading your investments across different assets, you can reduce the impact of market volatility.