Summary

New research from the Transamerica Center for Retirement Studies shows most Americans retire earlier than planned, often due to health issues or job loss.

The median retirement age is 62, leaving many financially unprepared for decades of retirement as life expectancy increases.

This often leads to early Social Security claims, locking retirees into reduced benefits, with only 4% delaying until age 70 for maximum payouts.

Despite financial challenges, most retirees report high satisfaction, prioritizing freedom and relationships over financial independence.