Working Late: Survey Reveals We Should Be Retiring Years Earlier

Group 1 - The ideal retirement age for Americans is 58, which is earlier than the average retirement ages of 64 for men and 62 for women [2][4] - Nearly 60% of Americans retire earlier than expected, with health and employment-related reasons being the primary factors [4] - The full retirement age set by the Social Security Administration is 67 for those born after 1960, and claiming benefits at 62 results in a 30% reduction [3][4] Group 2 - A significant number of individuals (34%) would consider retiring later if it meant better financial stability [5] - Many Americans face challenges in saving enough for retirement, with a 65-year-old in 2025 needing $172,500 in after-tax savings for health expenses [6][7] - Starting to save early is crucial due to the power of compounding, which can help individuals amass significant wealth over time [7]