Around 64% of Americans have not saved enough for retirement, and about half of those individuals may have nothing set aside when they reach retirement age.
With such a large percentage of Americans struggling to save for retirement, it’s clear that many of these individuals will need to work far past the full retirement age.
Social Security is one of the more confusing areas of personal finance for people, and it can be challenging to determine how to handle the decision of claiming your benefits.
However, if you decide to start receiving benefits early, they will be reduced by a small percentage for each month before your full retirement age you take them.
Full retirement age, or the age at which you’ll receive full benefits for your situation, is age 66 and 2 months for those born in 1955, with a gradual rise to age 67 for those born in 1960 or later.