Americans think the ideal age to retire is 61. Unfortunately, according to a recent survey from financial website Bankrate, which polled 10 certified financial planners from different parts of the country, it may be wise to wait longer.
63 is the more realistic age, they say, while nearly one in five respondents say you should wait until you're at least 70. Award-winning financial advisor and former CNBC host Suze Orman agrees.
She points out that Americans are living longer, so your retirement savings need to last longer, too. "You likely have plenty saved up to breeze through 15 years or so of retirement. But if you stop working in your 60s, your retirement stash might need to support you for 30 years, not 15."