For many Americans, the age of 62 is a noteworthy milestone.
At this age, those paying into Social Security are first eligible to draw from their benefits. Because of the crucial role that Social Security checks play in many Americans’ retirement, the age of 62 often becomes the magical age where many finally choose to retire. In fact, according to a 2021 Gallup survey, the average retirement age in America was 62. This is despite the fact that the average age that most Americans planned on retiring in 2021 was 64.
For a substantial amount of American retirees, Social Security is the most important aspect of their retirement. Pensions, a lifetime annuity typically paid out based on years of service and salary, have steadily been declining….