Even as the full retirement age has increased, many Americans believe we should be retiring earlier, not later. If you want the full Social Security benefit, you’ll need to work even longer than the full retirement age.

But the idea of working longer may go against what the average American wants. Whether it’s due to health, family, or other reasons, a recent survey shows many people would rather retire earlier.

Financial services company Empower polled just over 1,000 adults in June and found that 58 is the ideal retirement age. That age is earlier than the average age for both men and women. Men retire at 64, on average, while women retire at 62.

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But even the average retirement ages, which the survey finds are later than ideal, are earlier than the Social Security Administration thinks we should retire. For instance, the full retirement age is 67 for those born after 1960.

You can claim Social Security beginning at 62, but that leads to a 30% reduction in benefits — a significant percentage. That means a $1,000 benefit at the full retirement age becomes just $700.

While many people might prefer an earlier retirement age, the reality can be quite different. Nearly 60% of Americans retire earlier than expected, according to a survey from the Transamerica Center for Retirement Studies.

Some said they retired earlier due to their health, and 43% said they retired for employment-related reasons. Just 21% of respondents said they retired early due to strong finances.

This aligns with Empower’s survey, with 34% saying they would retire later if it meant their finances would be in better shape.

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A significant problem many people face in retirement is not saving enough to sustain a comfortable lifestyle. If you want to be comfortable in retirement, you’ll undoubtedly need a substantial amount of cash.

For example, Fidelity found that a 65-year-old in 2025 will need $172,500 in after-tax savings to cover health expenses in retirement. Saving that amount is no small task, which is why starting earlier is crucial.

Starting earlier is essential in part due to the power of compounding. This could mean investing your money in assets that can grow over time, such as index funds. Doing so over many years can enable a relatively modest earner to amass significant wealth.

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Building wealth is key because it can set you up for long-term success. In addition to planning for retirement and investing, several life events can be wealth-building opportunities.  It found that 36% of respondents see buying a home as an opportunity to accumulate wealth. 26% said the same about education and training, and 19% said so about starting a business.

Life presents us with numerous wealth-building opportunities throughout the years. With proper planning, we can build wealth that allows us to retire comfortably, whether we work until the full retirement age or end up retiring earlier.

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This article Working Late: Survey Reveals We Should Be Retiring Years Earlier originally appeared on Benzinga.com

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