Financial planners suggest that you plan for retirement expenses of at least 70 percent of your salary in the last year you worked. More and more folks in their 60s and 70s want to continue working. Sometimes it's out of necessity, and sometimes they just want to get out of the house. Similarly, you may have greater freedom of choice if you expect to receive a pension. Another question you need to consider is how long you expect to live, so you can determine how long your retirement savings need to last.
Many people assume they'll live only as long as their grandparents did.
With today's healthier lifestyles, planners suggest you be conservative and plan for a longer life than you think you'll have. Ore. Social Security Social Security is a guaranteed, fixed benefit for workers who have contributed to the system during their working years. If you were born in 1937 or earlier, you can take full benefits at age 65. Social Security does, however, let you take reduced benefits beginning at age 62. Conversely, your monthly benefits will be even greater if you wait until you're older than full retirement age to start taking payments.