The decision of when to retire is a complex one that depends on many personal factors. However, looking at broad trends can help provide insight into typical retirement ages.
The Most Common Retirement Ages
According to surveys and government data, 62 and 65-67 are the most frequent ages that people retire in the United States.
62
Age 62 is when most Americans can first claim Social Security retirement benefits. While full retirement age is currently 66 or 67 depending on birth year, a reduced benefit amount is available starting at 62. Many people decide to start benefits at 62, making it a very common retirement age.
65-67
Ages 65-67 are the current full Social Security retirement ages in the U.S. People retiring at these ages can receive their full monthly benefit amount calculated based on lifetime earnings. With full benefits available, 65, 66, and 67 are very common ages for retiring.
Reasons People Retire Early at 62
Though reduced, Social Security benefits are available starting at 62. There are several reasons why people may opt to begin benefits and retire at this early age:
- They want to enjoy more years of retirement while still relatively young and healthy
- They have enough retirement savings and pension income to supplement the reduced Social Security amount
- They have health issues or a physically demanding job making continued work difficult
- Their employer offers early retirement incentives or they cannot find adequate work opportunities
Advantages of Retiring at 62
- More years to enjoy life outside of work while still relatively young
- Potentially better health to pursue hobbies and travel
- Opportunity to change pace and lifestyle while energy is still high
Disadvantages of Retiring at 62
- Lower Social Security benefit amount compared to waiting
- Retirement savings and other income sources have less time to potentially grow
- More years of retirement to fund from savings and other income
Reasons People Retire at 65, 66, or 67
Ages 65, 66, and 67 are currently the Social Security full retirement ages. Reasons people retire at these ages include:
- Maximizing Social Security benefits by waiting for full retirement age
- Allowing more years for retirement investments to potentially grow
- Retiring when their pension or employer plan eligibility kicks in
- Feeling like it is the traditional or normal retirement age
Advantages of Retiring at 65, 66, or 67
- Higher, full Social Security benefit amount
- More years for retirement savings to potentially grow
- Pension or retirement plan benefits may fully kick in
Disadvantages of Retiring at 65, 66, or 67
- Fewer early years to enjoy retirement while health may be better
- Lifestyle change comes later in life
- May not feel energetic enough for extensive travel or new hobbies
How Common are Ages 62, 65-67 for Retirement?
According to nationwide surveys and government data on recent retirees, here are some statistics on how frequently Americans retire at ages 62, 65, 66, and 67:
| Retirement Age | Percentage Retiring |
|---|---|
| 62 | 23% |
| 65 | 18% |
| 66 | 15% |
| 67 | 11% |
As the table shows, 62 and 65-67 are by far the most common retirement ages, though many people retire a few years before or after as well.
The Decision Comes Down to Personal Factors
While the statistics show 62, 65, 66, and 67 are very popular retirement ages, the decision comes down to personal considerations:
- Can you afford to retire based on your savings, pensions, Social Security, and other income?
- Do you have health issues or a demanding job pushing you to retire early?
- How important is maximizing Social Security income versus retiring earlier?
- What activities do you want to pursue in retirement and when will you have the energy for them?
The “normal” retirement age was once considered 65, but with longer life expectancies and shifting norms, many now retire both earlier and later. Deciding when to retire depends on your unique situation and plans.
Conclusion
While most Americans retire at either 62 or full retirement ages 65-67 based on Social Security incentives, the specific age you retire comes down to personal factors. Considering your savings, health, retirement goals, and other issues can help determine the optimal age to make the transition out of your career.