Key Points Working longer could give you a chance to boost your IRA or 401(k) ahead of retirement. It's not a given that you'll be able to work full-time as long as you want to, and it may not be good for your health. There may be a more sustainable solution to the problem of not having enough savings. The $23,760 Social Security bonus most retirees completely overlook › There's no such thing as an official retirement age in the U.S. Age 62 is the earliest age to claim Social Security. And 67 is ...

Core Insights - The ideal retirement age for most American retirees and pre-retirees is considered to be 63, with the average retirement age currently at 62, which aligns with the earliest age for claiming Social Security benefits [2][3] Group 1: Retirement Age Considerations - A significant portion of pre-retirees (35%) report insufficient retirement savings to retire comfortably at their ideal age, and 34% express concern about potentially outliving their savings [3] - While retiring at ages 62 or 63 is popular, it may not be ideal when considering various factors that influence retirement success [3] Group 2: Financial and Health Factors - Social Security benefits can be approximately 30% lower if one retires at 62 compared to the full retirement age of 67, which can significantly impact retirement lifestyle [5] - Medicare eligibility starts at age 65, leading to potentially higher private insurance costs for those who retire early [5] Group 3: Longevity Considerations - The overall life expectancy in the U.S. is 78.4 years as of 2023, but many Americans can expect to live into their 80s or 90s based on various demographic factors [6]