Group 1 - The retirement planning process involves deciding when to retire, which impacts longevity planning, required minimum distributions (RMDs), and Social Security benefits timing [3][4] - Full retirement age is 67, allowing for full Social Security benefits, with options to start as early as 62 (reduced benefits) or delay until 70 (increased benefits) [4][7] - Individuals can choose to retire and claim Social Security benefits at different times, affecting portfolio withdrawals and income gaps [5][6] Group 2 - A 63-year-old with $1.35 million in a traditional IRA and $2,200 monthly Social Security benefits can expect significant portfolio growth before retirement [1][8] - Investment strategies will influence retirement outcomes, with conservative mixes providing steadier returns and aggressive mixes offering higher growth potential but increased volatility [9] - The maximum Social Security benefit at full retirement age in 2025 is projected to be $4,018 per month, with variations based on the age of claiming [7]