Retirement

When it comes to collecting Social Security benefits, there is no magic age. Today's boomers can begin collecting full benefits at 66, tap in early at 62 or delay benefits until 70. Mary Beth Franklin of Investment News says the importance of making a smart decision on timing "can't be underestimated."

For most Americans, the math for a comfortable retirement may never add up. According to recent census figures, Americans ages 55 to 65 had about $45,000 in savings and assets, not including their homes. Morning Edition's Renee Montagne talks to three experts about retiring with little savings.

After nearly 30 years on the Chicago police force, Richard Piña, 69, now owns Rich's Den in Calumet City, Ill. He had other businesses during his police career — hair salons, a taco stand, a rooming house. "I don't want to say I was an entrepreneur, but I was a hustler," he says.

A Seattle widow's one-stop estate planning advice blog was inspired by her own paperwork frustrations after her husband's death. Chanel Reynolds offers a checklist of documents to prepare, a will template and a list of details to write down, like passwords to online accounts.

Sometimes you can't retire even if you want to. For Dian Sparling, a nurse midwife, there's no one to take over her practice. But at 71, delivering babies on call is harder than it used to be. "It would be horrible if I had to do this and stay up all night and I didn't love what I do," she says.

The generation that came of age in the 1960s is beginning to retire. Born after World War II, they grew up in an era of rising living standards, but the Great Recession destroyed any sense of financial security. Now they face challenges, including putting their kids through college and caring for their parents.

The retirement home's executive director offers condolences to the family of an 87-year-old woman who died, but says the nurse on duty was just following policy.

Janet Sims-Wood, 67, is like millions of other seniors still working in order to make ends meet. For the part-time librarian, the recession put a huge dent in her savings, so she expects she'll have to work as long as her health allows.

John David, 73, is one of the many faces of a growing group of Americans: seniors who work. The former TV producer switched careers in his 50s, becoming a fitness instructor. "This turned out to be the real calling," he says.

Guest host Linda Wertheimer speaks with Rose Syracuse, the longest-serving employee in the history of the Macy's Department Store. Syracuse worked for Macy's flagship store in New York City for 73 years before retiring last week.