Most American retirees and pre-retirees see 63 as the ideal age for retirement, but 35% admit their savings fall short. Social Security benefits can drop by 30% if you retire at 62 instead of the full retirement age of 67. Concerns are rising as the Social Security trust fund may deplete by 2033.

Medicare eligibility starts at 65, pushing private insurance costs up if you retire early. Life expectancy in the U.S. is 78.4 years, but can extend into the 80s and 90s. Experts suggest retiring between 65 and 67 for added savings, Medicare benefits, and full Social Security benefits.

To ensure a successful retirement, consider factors beyond Social Security eligibility, like financial sustainability, healthcare, and longevity. Having a financial advisor to help plan and manage savings is crucial for a stable retirement. Determine your retirement needs and goals before making any decisions.

Establishing an emergency fund with 6 to 12 months’ worth of expenses is vital for unexpected costs. Opt for a high-yield, liquid account to make your emergency fund work for you. A Wealthfront Cash Account offers a base APY of 3.50%, with a total APY of 4.15% for new clients over three months.

Retirement planning is not one-size-fits-all. While retiring in your early 60s can be justified in some cases, those with robust savings and good health might benefit from delaying retirement. Consider all factors, consult a financial advisor, and prioritize building an emergency fund for a secure retirement.

Read more at Yahoo Finance: Most Americans think 63 is the perfect age to retire, but they’re dead wrong. Here’s the big number to bet on