There are basically two schools of thought on this question. And the best choice, whether to retire at an earlier age with reduced benefit, or stay employed until age 70 for a higher benefit, becomes a little fuzzy depending on your particular situation, the rules regulating benefits, etc. For a calculation of how much you can expect go to ssazzz.gov.
There are any number of self-help books dealing with retirement and its financial implications. Retire On Less Than You Think, by Fred Brock, a business editor for the NY Times, believes that cutting back and simplifying your life, defining what you really need financially, deciding where to live, etc., will ensure that you can live comfortably in retirement. His book also contains web sites for information and financial calculators. It is an excellent resource for those focusing on finances.
Other helpful pre-retirement books include: How To Retire Happy Wild and Free, by Ernie J. Zelinski, Retire Smart Retire Happy by Nancy K. Schlossberg, EdD, and What Color Is Your Parachute For Retirement, by Richard N. Bolles and John Nelson.
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