The earliest age to claim Social Security is 62. Some older Americans, however, opt to wait until full retirement age (FRA) so they can claim their Social Security benefits without a reduction. FRA is 67 for those born in 1960 or later. There's also the option to delay Social Security past FRA for boosted monthly checks. For each year filers hold off, until age 70, their benefits grow 8%.
For many people, a traditional retirement doesn't seem like it is in the cards. As finance expert Suze Orman explains, around three out of four people who are currently working expect that they will continue earning money after retirement. This isn't necessarily because they want to. For many, planning to work is a necessity because saving enough for a secure retirement feels out of reach.
One of the most fundamental components of effective retirement planning is envisioning your future self the life you want and how you expect to fund it securely, said Caroline Feeney, global head of retirement and insurance at Prudential. This year's Pulse Survey makes clear that even across different economic and cultural contexts globally, one trend emerges: while many people feel ready, far fewer have taken action to ensure they're ready.