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About 44% of workers take the benefit as soon as they are eligible, at age 62, and nearly 75% of retirees take benefits before full retirement age.
Once you stop working, you won't be paying payroll taxes or socking away income for retirement savings.
Assuming you intend to retire at age 67, aim to accumulate savings equal to 8 to 10 times your annual salary. The longer you delay taking Social Security, the more likely you'll be cheated of your fair share.
Within 12 months of first claiming your benefit, you can withdraw your application by filing Form SSA-521. Given today's longer life spans (a 65-year-old man can expect to live another 18 years, on average; a 65-year-old woman can expect to live another 20), you'll need to invest for growth well into retirement -- starting with a mix of, say, 50% stocks and 50% bonds and gradually adjusting it to become more conservative as you age.
Social Security may eventually fall short of the money it needs to deliver full benefits, but it's not likely to go broke altogether.
You and your spouse should plan on spending more than $200,000 out-of-pocket to cover health costs in retirement.
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It's the big decision every retiree needs to make: Should you claim Social Security benefits early, at your full retirement age (currently 66, for workers born between 1943 and 1954) .
Together with Social Security benefits, that should be enough to replace about 85% of your preretirement income.
Whether you take benefits early or wait until 70, you'll end up with the same dollar amount before you die, assuming you die at your projected life expectancy (as determined by Social Security actuaries). Here's the deal: Social Security is mostly funded by payroll taxes and taxes on Social Security benefits.
Recent estimates for total retirement health costs range from $245,000 to $264,000 for a couple who are each 65 and live to their average life expectancies -- 82 for a man and 85 for a woman. Health problems are the biggest reason people find themselves retiring ahead of schedule, according to the Center for Retirement Research at Boston College, followed by involuntary job loss. The decisions you make leading up to retirement, including how much to save, how to allocate your investments, when to take Social Security and how to anticipate your retirement expenses can make a big difference in your old age. You may even save money on food, because you'll have more time to compare prices in the grocery aisles and to prepare meals at home.
If you have other sources of income -- such as a traditional pension or a part-time job -- or if you plan to significantly reduce your spending in retirement, you can get by with saving less. Thus, if you claim benefits at 62, the earliest you are eligible, you'll receive a 25% to 30% reduction to account for the actuarial reality that you'll be receiving benefits for a longer stretch of time. In recent years, those revenues have not been enough to cover full benefits, so the system has used interest on its reserves to cover the gap. The good news for retirement savers: Those costs are baked in to formulas for how much you need to save for retirement -- say, eight times your final salary. Older workers generally have more trouble finding work after a layoff than younger workers. Retirement planners generally recommend saving enough to cover 70% to 85% of your preretirement income, but you'll have to calculate your own retirement income and expenses to come up with a formula that's right for you.


If your full retirement age is 66 but you wait until 70, your benefit will be 32% higher because, actuarially, you'll be collecting over a shorter period. The reserves are projected to run out in 2034, at which point tax revenue will generate enough to cover only 77 cents for every dollar of scheduled benefits.
Once you're in retirement, you'll need smart strategies for taking withdrawals and investing your resources so they last as long as you do. Of course, if you die before you reach your projected life expectancy, you'll collect a lower total payout either way, but if you delay claiming until 70 and live well beyond your life expectancy, the wait will be more than worthwhile.
Chances are strong that Congress will come up with a way to fix the system before that happens, but, even in a worst-case scenario, you would still receive more than three-fourths of your benefit.
If your spouse retires before you do or a parent moves into your home, the chances increase that you'll leave the work force before your scheduled departure. If you take benefits as early as possible, you'll see about 25% to 30% less each month than you'd get at full retirement age.
If you wait, you'll receive 8% more benefits for every year beyond your full retirement age.
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