Workers in Louisville face a major — and very real — retirement crisis. Wealth inequality and workplace changes have practically sawed off two of the legs of the traditional retirement stool: pensions and private savings.

It’s no secret that American workers face a major retirement crisis. Wealth inequality and workplace changes mean more and more retirees have come to rely on Social Security for most of their income.

Eva Dion’s 62nd birthday meant one thing to her husband, Jim. It was time for her to collect Social Security. “I’m from the old school,” Jim, 74, said. “Grab the money while you can.”

You have an eight-year window to choose to sign up for Social Security to collect your monthly benefit check. Some may be forced to collect Social Security at age 62, because of their finances, health and lifestyle.

When thinking about retirement, most of  us see a “cold turkey” end to work. We just quit all forms of employment. But is that the best way to enjoy a long life? According to recent research, the surprising answer may be no.

When you claim Social Security, don’t make this one really, really dumb move. Nearly half a million of you will probably start claiming Social Security this month.

Less than four months ago, a research report released by the Washington, D.C.-based National Institute on Retirement Security (NIRS), using an analysis of U.S. Census data, found that even with the nation’s economic recovery, savings levels of working age Americans are inadequate for America’s retirees to rely on.

Many seniors plan to apply for benefits upon leaving their jobs, but that could be a mistake for several reasons.

Many people who wind up with a smaller Social Security check because they claim their benefit early could have waited longer to file, thanks to funds in their IRA.

It is one of “the most significant labor market trends” in the United States, says Wellesley College researcher Courtney Coile.

Your retirement standard of living could very well be worse if you claim your Social Security benefits at age 62. That’s surprising because the Social Security Administration goes to great lengths to ensure that, regardless of when retirees claim their Social Security benefits, they will be no better or worse off. Those claiming at age 62 — “early claimers,” as they’re called — will receive more years of benefits than those who wait, but at a reduced rate.

In a famous experiment, a child is given a classic problem: Eat a marshmallow now or wait for a bigger reward. Isn’t that how most people face retirement or financial planning? Live now and hope for the best later? As in the experiment, a little self-control and savings discipline goes a long way to ensuring financial comfort in retirement.

Don Mitchell loves his job as a software engineer, has no plans to retire, and doesn’t turn 60 till next March. But he’s already begun pondering a weighty question facing most Americans in their early 60s: when to begin collecting Social Security benefits.

The most common age that people choose to start collecting their monthly Social Security payments is 62.

While the average retirement age is 63, some people work well past that because they love it — or can’t afford not to.

Part of me wants to take the money on the table early, although the math side of my brain says the premium for waiting until 70 is more than worth it. Where can you earn a guaranteed 8% a year on anything?

“My dad was healthy, active and fit until he was struck with Parkinson’s disease. He realized that by deferring his benefit to age 70, he would lock in a larger benefit.”

Social Security rewards you for delaying your benefits. Your lowest payment will be at 62, when you qualify for “early” payments. Then you get a boost at your “full” retirement age (FRA), which, for most people, is 66. Then you max out at 70.