Deciding the perfect time to retire is one of the toughest decisions you will make in your life. Nobody wants to work longer than needed, but you also need to make sure you have enough money to last the rest of your life. There is no perfect answer for everyone, so it must be made on an individual basis. These are the four most common ages when people start to retire. 

59.5 Years Old
Six months after your 59th birthday is when you can start withdrawing money from a pre-tax retirement account without any penalties. This makes it the perfect retirement age for someone that has a lot of savings. If you are not worried about running out of retirement savings, then there is not much incentive to work as you get close to your 60th birthday. Just keep in mind that everything withdrawn from your IRA will count as taxable income. 

62 Years Old
This is a common time to retire because it is the youngest age you can start collecting Social Security payments. Taking the benefits at 62 will reduce your payments by 25 percent every month, so it is not a smart choice for everyone. This is an ideal retirement age if you have a large savings account or you simply cannot physically work a full schedule anymore. 

67 Years Old
Everyone born after 1960 will become fully vested in Social Security on their 67th birthday. Working until you reach full retirement age ensures you do not give up any of your monthly benefits. Combining this money will be a small amount of retirement savings should be enough to cover your living expenses every month. This is the age when most people in the country will retire. 

70 Years Old
If you have not saved much money before retirement, then you may want to think about working until your 70th birthday. Working these three extra years after reaching full retirement age will increase your monthly Social Security benefits by 24 percent. This can potentially increase your benefits by nearly $1,000 every month. This extra money will make up for the lack of savings and ensure you get to enjoy your retirement.