Document Type

Student Research Paper


Spring 2021

Academic Department


Faculty Advisor(s)

Dr. Emma Neuhauser


This research analyzes the differences in potential financial stability of retired individuals based on the timing of their retirement and accumulated savings. Key factors such as retirees’ average expenses, average income, social security benefits, and savings are used to create a model suggesting an optimal time to retire with sufficient funds to maintain an expected lifestyle. This research seeks to offer a starting point in determining whether it would be beneficial to retire prior to or post the standard age of 65 based on an individual’s financial situation. The results found in this study provide conclusions drawn from an analysis based on national average data and a literature review. This study shows that the optimal age to retire is 64 years and 4 months of age. In addition, the literature suggests individuals with higher wealth accumulated by the time of retirement may find delaying retirement less attractive than an individual with more dependence on social security. The overall conclusion drawn from this research is that individuals who will be using accumulated savings as a higher proportion of their post-retirement income can optimize their wealth by retiring early, and those who will be more dependent on social security and accumulating less retirement savings may have to delay retirement.


Honors in the Discipline; BA 400 Senior Project in Business

Included in

Business Commons