Core Insights - A record number of Americans are reaching retirement age this year, with an estimated 4.1 million expected to retire annually through 2027, a trend referred to as the "Peak 65 Zone" [1] Financial Planning for Retirement - Many younger retirees lack pensions, which previously helped supplement Social Security, leading to uncertainty about funding their retirement [2] - A solid financial plan is essential for a comfortable transition into retirement [2] Preparation Strategies - It is advised to budget before submitting retirement notices, assessing net worth and planning for current and future expenses [4] - The 4% rule is suggested as a guideline for withdrawals, allowing retirement savings to last approximately 30 years, while the average American enjoys about 20 years post-retirement [5] - Individuals with workplace pensions should review their benefit statements to understand monthly payouts, and married couples may have different options regarding spousal benefits [6] Social Security Considerations - Individuals turning 65 qualify for Social Security, with benefits based on tax contributions and the choice to collect early or delay [7] - The Social Security Administration provides an online tool to estimate potential benefits under various scenarios [7]