While most Americans plan to work until 65 or later, the reality is that the median retirement age has stuck stubbornly at 62 for years. Retiring earlier sounds great, right? However, this gap often isn't a choice, as nearly half of retirees leave the workforce earlier than expected and for less-than-ideal reasons. Today, we reveal the full breakdown of the latest data to see why "working a few extra years" is a risky retirement plan and how to stress-test your strategy today.

Here’s what we’re covering in today’s Clark Smart Investing newsletter:

The average retirement age in the U.S. is 62, according to the most recent data from both the Employee Benefit Research Institute (EBRI) and Gallup. But that single number doesn't tell the whole story.

How "retirement" is defined, who's being surveyed and when they left the workforce all affect the answer you get. Here's what the data actually shows and why it matters for your planning.

In the full article, see the data behind the age Americans are retiring, why people retire earlier than expected, and what this means for your retirement plan.

Every week, we'll ask a new question to get your take on the latest financial trends and topics.

Last Week’s Poll Results

We asked: “Do you or did you use target date funds in your retirement planning?” Here’s how you answered:

In this recurring Q&A, we share questions that have been answered by Clark Howard or Wes Moss on the podcast. Submit your question today!

Shelly in Washington: Is long term care insurance worth it?

Wes Moss says: While the long-term care insurance market was affordable twenty years ago, those days are gone; policies were underpriced and unsustainable, leading to the tripled or quadrupled premiums we see today. Generally, people fall into three categories: those with limited assets who eventually rely on Medicaid, those in the "muddy middle" who struggle with high premiums, and the wealthy who can self-insure. With your projected retirement assets of $3.7 million or more, you firmly belong in the self-insured camp. Rather than buying an overpriced insurance product, you should rely on your lifelong income streams — Social Security, pensions, and investment cash flow — to act as your safety net. Remember that if long-term care becomes necessary, your discretionary spending on travel and lifestyle naturally decreases, allowing you to redirect that existing cash flow toward your care.

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

This information is provided to you as a resource for informational purposes only and is not to be viewed as investment advice or recommendations. Investing involves risk, including the possible loss of principal. There is no guarantee offered that investment return, yield, or performance will be achieved. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Any company names shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The views and opinions expressed are for educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions. Always consult your own legal, tax, or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.