Most American retirees and pre-retirees view 63 as the ideal age for retirement, aligning with the average retirement age of 62. However, Gen X (ages 45-60) are unprepared, with women having $6,000 and men $13,000 in average retirement savings, and only 14% have access to pensions.

A significant portion of pre-retirees feel their savings are insufficient, with concerns of outliving their funds. The average American believes they’ll need $1.26 million for retirement. Retiring at 62 may reduce Social Security benefits by 30%, impacting retirement lifestyle.

Social Security faces trust fund depletion as early as 2033, affecting millions dependent on the program. Medicare eligibility at 65 can result in higher private insurance costs for early retirees. Life expectancy in the U.S. is 78.4, requiring a substantial nest egg for retirement up to three decades.

Retiring at 62 or 63 might be popular, but it may not be ideal when considering factors like financial sustainability, healthcare, and longevity. Delaying retirement to 65-67 can boost savings, reduce healthcare costs, and maximize Social Security benefits.

To ensure retirement success, consider working with a financial advisor to create a personalized plan. Advisor.com connects you with vetted advisors for free. Budgeting tools like Rocket Money can help track spending and increase retirement contributions. Wealthfront’s high-yield cash accounts offer competitive APYs for emergency funds.

Read more at Yahoo Finance: Most Americans think 63 is the ideal retirement age, and they’re wrong. Here’s the big number to bet your retirement on