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Choosing to retire early is a far-off dream for many hard-working Americans. In fact, it's more like a fantasy for the one in two who told Allianz they'd retire immediately (1) if they won a lottery.

Most workers plan to work straight through to 65 or beyond. Suze Orman says that's admirable.

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"Working longer can make great sense," she wrote (2) in a recent blog post. "You can keep your retirement savings growing longer, tap into less earlier, and perhaps even continue to save more."

But she warns it's also a risky strategy. While you may not choose to retire early, you may be forced to — through restructuring, an unexpected health diagnosis or family circumstances.

Orman cites an Employee Benefit Research Institute (EBRI) 2026 Retirement Confidence Survey that found that while most people plan to retire at 65, the median retirement age is 62.

She — and Craig Copeland, EBRI's Director of Wealth Benefits Research — have some tips on how to prepare.

Moneywise reached out to Copeland to learn about the disconnect between expectations and reality.

EBRI has been conducting retirement surveys since 1990, and the findings are consistent, with a significant number of Americans forced into early retirement — up to 50% this year. Still, most Americans don't think it will happen to them.

"It happens to one in two people, but most people think they're going to be the one to work longer," Copeland told Moneywise.

When it comes to a forced retirement, the first step is being mentally prepared. Like Orman, Copeland warns that people who think they can work to 65 or beyond make risky assumptions about:

How much they can save before they retire.

How much they'll collect in monthly Social Security (3) benefits (which increase the longer you delay collecting them from 67 through 70).

How much Medicare and Medicaid health insurance they qualify for.

His advice? "Don't fix your plan on one retirement date," he said.

If you're already running financial scenarios about retiring at 65 or 67, he suggested pushing that back to include scenarios for an early retirement at 60 or 62 (whether you want to or fear you may be forced to). Working with a financial advisor would make this easier.

"Think about different investment strategies, the cost of getting health insurance when you're younger," he said. "You may have to make harder decisions — cut back, downsize a house."

That's where Suze Orman's tips come in.

"It is great to aim to work longer, but I want you to consider how you can get your finances in great shape so that if you do need or want to retire earlier, you will be secure," she wrote.

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"This is one of the most powerful things you can do to reduce what retirement actually costs," she wrote, noting that having shelter paid for dramatically reduces monthly expenses.

"That gives your savings more room to breathe and reduces the pressure on Social Security to cover everything."

Owning your home outright before retirement is one of the biggest ways to shrink your monthly expenses. But if you're still carrying a mortgage and high interest charges are slowing your progress, refinancing could be worth a closer look.

If rates have improved since you first took out your loan — or your financial situation has strengthened — refinancing may help you secure a lower interest rate, reduce your monthly payment or switch to a shorter loan term that helps you become mortgage-free sooner.

The savings can add up over time. A lower mortgage payment can free up room in your monthly budget while still keeping you on track to eliminate one of retirement's biggest expenses before you stop working.

You can compare refinancing rates offered by vetted lenders near you through Mortgage Research Center (MRC).

You can customize searches to your needs and get estimates on your new mortgage payments if you choose to refinance. By entering basic details — such as your zip code, property type, price range and annual income — you can view mortgage offers tailored to your needs and shop with confidence.

Even better, once you make a selection, you can set up a free, no-obligation consultation to determine whether you want to proceed.

Orman noted that anyone 50 or older can make significant catch-up contributions to retirement savings plans without an IRS penalty.

For example, in 2026, those who are 50-plus can contribute as much as $32,500 to a 401(k) without a penalty. Those aged 60 to 63 can contribute a whopping $35,750 to a 401(k) — or $8,600 toward an IRA.

Your 50s are often your peak earning years, making them one of the best opportunities to accelerate your retirement savings. But building a larger nest egg isn't just about contributing more — it's also about thinking carefully about where that money is invested.

Stocks have historically been one of the strongest long-term wealth builders, but they come with risks. Ongoing geopolitical tensions, sticky inflation and concerns about overvaluation can all weigh on equities.

That's why many experts recommend maintaining a diversified portfolio that isn't entirely dependent on the stock market, regardless of a 60/40 split. One popular pick is gold, which has remained a safe-haven asset for decades. The precious metal has often held its value during periods of market turmoil, helping investors preserve purchasing power when uncertainty rises.

Today, you can combine the hedging properties of the precious metal with the tax advantages of an IRA by opening a gold IRA with the help of Priority Gold.

And with Priority Gold's platinum package, you can even get free account setup and insured shipping and storage for up to five years. Plus, you can also roll over your existing IRA or 401(k) into a precious metals IRA with Priority Gold — tax and penalty-free.

The best part? You can download Priority Gold's wealth preservation guide for free to make sure gold is right for you. And if you like what you see, you can get up to $10,000 in complimentary silver upon making a qualifying purchase.

Not everyone has a house — let alone a mortgage to pay off — or the option to max out retirement savings plans. This can make forced retirement more stressful.

"If you're 62 with limited resources, it doesn't give you a lot of flexibility," Copeland said, adding that such retirees don't yet qualify for Medicare.

AARP notes (4) that people in this situation may qualify for insurance on their spouse's plan. Alternatively, they might qualify for federal COBRA (5) (Consolidated Omnibus Budget Reconciliation Act) health insurance — extending their former workplace coverage. But it's pricey.

When it comes to cash flow, experts advise against claiming Social Security early (6) unless you have a condition that shortens your life expectancy.

Get tips from trusted sources

Deciding when to claim Social Security is one of the biggest financial choices retirees make, and there's rarely a one-size-fits-all answer.

Although delaying benefits often results in larger monthly checks, your personal circumstances matter just as much. Factors like your health, expected longevity, retirement savings, and taxes can all influence your claiming strategy.

That's why it pays to do your homework before filing. Understanding how the program works could help you maximize your lifetime benefits and avoid costly mistakes that are difficult — or impossible — to reverse later.

Trusted organizations like AARP provide tools and insights that can help you fine-tune your Social Security strategy so you're not leaving money on the table.

AARP can also help you choose the right Medicare plan and uncover other government benefits that can make retirement easier.

Membership perks also go well beyond advice. Members gain access to a broad suite of cost-saving perks — from healthcare-related discounts on prescriptions and dental services to savings on travel, leisure and insurance products.

Sign up with AARP today to get 25% off your first year.

Consider lower-risk investments

Not every dollar needs to be invested on a 30-year horizon — especially if you'll need the money in the next few years.

Certificates of deposit offer a simple way to earn interest without taking on stock market risk. Your funds remain invested for a fixed period, but in return you receive a guaranteed rate regardless of how markets perform.

Platforms like CD Valet can make it easier to spot high-yield CDs that fit your goals. Whether you're building an emergency fund or parking cash for the future, locking in a competitive rate can help your money work harder.

CD Valet tracks more than 40,000 verified rates from FDIC-insured banks and NCUA-insured credit unions, giving users a fuller snapshot of the market instead of just a handful of promoted offers.

Unlike other websites, they show every publicly available rate, ensuring you have a comprehensive view of the market. Plus, their CD rates are updated continuously, so you can shop, compare and open CDs with ease.

No one wants to be forced into retirement, but with enough planning, you can regain a bit of control if it happens to you.

— With files from Laura Boast

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Allianz Life (1); Suze Orman (2); U.S. Social Security Administration (3); AARP (4); U.S. Department of Labor (5); AARP (6)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.