Key takeaways
Recent studies indicate the median actual retirement age in the US is 62, even though working Americans expect to retire at age 65 or older.
Unplanned challenges, such as unexpected health problems or workplace changes, cause many retirees to exit the labor force earlier than they originally intended.
Claiming Social Security at the earliest eligibility age of 62 can permanently reduce monthly benefit payouts by up to 30% compared to waiting for full retirement age.
Determining an ideal retirement timeline requires balancing expected living and health care expenses against guaranteed income sources and personal portfolio savings.
If you’re like most people who’ve started thinking about retirement, you may have already searched online about average savings at retirement or average savings by age to benchmark your progress against your peers. There's another piece of information that's equally important: average retirement age.
Why is it important? For one thing, retirement age statistics can give you additional context for your own retirement planning. Knowing when other people retire — and trends related to retirement — may help you fine-tune your own timeline, set or adjust financial goals and benchmarks, and make better-informed decisions about savings.
This knowledge can also help you adapt to recent changes in the employment landscape. As people live longer, expected retirement ages can shift; many people decide to adjust their career trajectories or consider alternative retirement dates and strategies. Simply put, getting up to speed on retirement age trends is important to personal finance strategy and helping to obtain a fulfilling retirement. This article will tell you about:
Average retirement age in the US.
New trends affecting average retirement age.
How to choose the retirement age that is right for you.
How to prepare for retirement.
What is the average retirement age in the US?
There are a few different ways to look at the question, and to give you a better picture, here are some key statistics and trends related to retirement age in the United States over the past few decades.
A 2026 study found that the median retirement age is 62, though most workers expect to retire at 65.1
The average retirement age has increased from age 57 in 1991.2
Fewer adults in their 60s are retired. In fact, the number of employed Americans 65 and older increased more than 33% between 2015 and 2024.3
Only 32% of Americans ages 60–64 are retired, down from 41% two decades earlier.4
Due to longer life expectancy, most working Americans now plan to spend about two decades fully retired.5
Guardian research finds that 36% of full-time working Americans expect to retire between ages 65 and 69.6
What it means for decisions about retirement
If you dig a little deeper, you'll see three significant trends starting to emerge:
The average retirement age is on the rise.
Most of today's workers will be working longer than they did 20 years ago.
People today expect to work longer.
Why are people working longer? There are several reasons.
First, the full retirement age was 65 for most of Social Security's history, but a 1983 law gradually raised it, starting with people born in 1938. As of 2026, that change is fully phased in: The full retirement age is now 67 for those born in 1960 or later.
Social Security full retirement age by year of birth
Year of birth | Full retirement age |
|---|---|
1943–1954 | 66 |
1955 | 66 and 2 months |
1956 | 66 and 4 months |
1957 | 66 and 6 months |
1958 | 66 and 8 months |
1959 | 66 and 10 months |
1960 and later | 67 |
Source: Benefits Planner: Retirement Age Calculator, Social Security Administration
Second, longer life expectancy means that many older workers will stay in the labor force longer. This also means more years spent in retirement, which will require more savings if retirees don't want to outlive their money. And these additional savings usually require extra years spent working. In addition, the Great Recession of 2008, the COVID crisis, and recent inflationary trends may have all taken a bite out of many people's savings and changed their retirement timelines.
But working longer isn't only about need. Guardian research shows that two-thirds of Americans anticipate a retirement that includes working in some capacity. Among those who plan to work past 65, the top reasons are wanting additional income to support their lifestyle (41%), concern about being bored without work (39%), and personal fulfillment (37%).7
While the gap between expected and actual retirement ages may seem like good news — people are retiring earlier than they had expected — it may not be. Nearly half of retirees (46%) say they retired earlier than planned, and the discrepancy between expected and actual retirement dates often reflects unexpected hardship, such as a health problem or disability (41%) or changes at their company (35%). That said, a similar share (36%) retired early because they could afford to.8
The financial ability to retire is a significant challenge for many Americans, with a 2026 study finding that only 61% of workers and 73% of retirees are confident they’ll have enough money to live comfortably through retirement.9 Meanwhile, 39% of workers expect to retire at age 70 or older or not at all.10
The type of work you do may also matter: Workers with less physically demanding jobs — often those with more education — tend to work longer, while those in more physical roles are more likely to retire earlier.11 This is an important factor to remember when considering your expected retirement date.
In any case, the overall trend is clear: Most United States workers will have to work more years than in the past toward achieving their goal of financial independence in retirement. And that's essential information for anyone thinking about retirement planning and preparation.
When are you eligible for Social Security and Medicare?
Social Security and Medicare eligibility may be key factors in determining when you retire. You can begin receiving Social Security retirement benefits at the age of 62, but it's important to remember that the earlier you start receiving benefits, the smaller your monthly benefit. You'll receive your full benefit if you wait until your full retirement age — 67 for anyone born in 1960 or later. If you begin receiving benefits at the age of 62, your monthly payout could be reduced by as much as 30%.
Retirement monthly payout by age is based on a $2,000 benefit and a full retirement age of 67
Age started receiving benefits | Percentage reduction in monthly benefits | Monthly benefit amount |
|---|---|---|
62 | 30% | $1,400 |
63 | 25% | $1,500 |
64 | 20% | $1,600 |
65 | 13.3% | $1,733 |
66 | 6.7% | $1,867 |
67 | 0% | $2,000 |
Source: Benefits Planner: Retirement — Born in 1960 or later, Social Security Administration
Medicare coverage, however, starts at the age of 65. Enrollment begins three months before you turn 65 and lasts for three months after the month you turn 65. You won't qualify for Medicare until 65, even if you retire early — unless you have a qualifying disability.
What is the best age to retire?
There's no single best age to retire. For many people, the right time is when their savings, guaranteed income sources such as Social Security, and health coverage can support the lifestyle they want — often somewhere between 62, the earliest age to claim Social Security, and 70, when delayed benefits stop growing.
At what age should you retire? It can be a complex — and very personal — question. The fact is, your ideal retirement age depends on several factors, including financial circumstances, health status, work situation, personal goals, and the preferences of your partner or other family members. Here are some key considerations:
1. Financial readiness
One of the most important factors in determining your retirement age is whether you have saved enough money to support yourself throughout your retirement years. This includes not only your retirement savings — for example, a 401(k) or individual retirement account (IRA) — but also other sources of income like Social Security, pensions, and any other investments or assets you may have. Many financial advisors recommend waiting until you have enough savings to maintain your desired lifestyle during retirement. According to Guardian research, only 13% of working Americans feel exactly on track to save enough for the lifestyle they want in retirement, while 45% say they're somewhat or very far off track.12
2. Health and life expectancy
If you are in good health and expect to live a long life, you may want to work longer to ensure you have enough money to support yourself throughout an extended retirement. On the other hand, if your health is declining or you have a shorter life expectancy, you might choose to retire earlier. It's a common concern: 37% of Americans worry their health and mobility will impact their quality of life when they're older.13
3. Social Security retirement benefits
The age at which you can start receiving your full Social Security retirement benefit varies depending on your birth year. You can start receiving reduced benefits as early as age 62, but if you wait until your full retirement age (which ranges from 66–67, depending on your birth year), you'll receive your full benefits. Delaying beyond your full retirement age, up to age 70, can yield even larger benefits.
4. Personal goals and lifestyle
Your retirement age should align with your personal goals and the lifestyle you want to lead during retirement. Some people consider retiring early to pursue hobbies, travel, or spend more time with family, while others may find fulfillment in their careers and prefer to work longer.
5. Employer considerations
If you have an employer-sponsored retirement plan or pension, your retirement age may be influenced by your employer's policies and the financial incentives they offer for retiring at a certain age.
6. Debt and expenses
Consider your outstanding debts, such as mortgages, loans, and credit card debt, as well as your ongoing expenses. It's generally advisable to pay off high-interest debt prior to retiring and to have a clear plan for managing your expenses in retirement.
7. Market conditions and economic factors
Economic conditions and the state of financial markets can impact your retirement plans. Retiring during a strong economy may be more advantageous than retiring during a recession.
8. Partner perspectives and family considerations
If you have a spouse, partner, and/or family, you'll probably have to take their opinions and circumstances into consideration. For example, if your partner or spouse is retiring and anxious to transition to a retirement lifestyle, you may want to retire sooner rather than later. On the other hand, if you're helping to support an adult child, you may choose to delay retirement until they can support themselves financially. Personal preferences, demographics, and culture may play a role in this. Women, for example, consistently tend to retire earlier than men. The average retirement age is 64.6 for men and 62.6 for women, and both have been relatively stable in recent years.14
Ultimately, there is no one-size-fits-all answer. When to retire is a highly personal decision that should be based on your individual circumstances and preferences. Consulting with a financial advisor can help you make this important decision and create a retirement strategy that can help you meet your goal.
As Erin Culek, Head of Financial Protection & Retirement Solutions at Guardian, puts it: “Retirement isn't the end of the story, but the beginning of a new chapter. As people live longer, fuller lives, financial planning shouldn't just be about saving. It should help them feel confident, flexible, and free to enjoy whatever comes next.”15
How to be better prepared for retirement
Once you have an idea of when you'll retire, the next step is to begin — or further — your planning and preparation. How deep a dive you take will depend on when your target date is. Even if it's over a decade away, now is a good time to start retirement strategizing. If you're closer to retirement, your urgency should increase accordingly. Here are some key areas to address:
1. Define your retirement goals
Think about the lifestyle you'd like to have in retirement. Will you stay in your current home? Will you move to a resort location where costs may be higher? Are you planning on extensive travel or costly hobbies? Might you downsize to cut back on expenses? How you choose to live in retirement will, in large part, determine your expenses. And these choices will determine your cost of retirement and how much savings you'll need. It's worth thinking about early: Less than a third of Americans 45 and older (30%) have a plan for where they'll live as they get older.16
2. Review your financial situation
Even if it's decades away, you should use tax-advantaged retirement accounts to help build your retirement nest egg. But as you get closer to retirement, it's important to have a clearer picture of your financial situation to see if you're on track to meet your goals — if you need to adjust your savings strategy or approach, you don't want to wait until the last minute. So, take the time to review retirement accounts and other assets as well as your investment strategy and results. Also work to reduce your long-term and high-interest debt.
3. Estimate retirement income
How much potential income can you anticipate in retirement? For a topline estimate, total the income you plan to receive from Social Security and pensions; estimate total savings at retirement, including 401(k)s, traditional and Roth IRAs, and taxable accounts; estimate retirement income from savings and investments; estimate income from other sources such as part-time work; deduct estimated taxes; and total your after-tax income.
4. Estimate retirement spending
Estimating your expenses in retirement is central to the planning process. A simple way to do so: Record your current monthly expenses; factor in inflation of about 3% per year; consider any anticipated lifestyle changes that may increase or reduce spending; add in health care costs, which tend to increase with age; factor in debt that won't be paid off by retirement age; consider potential purchases, emergencies, and financial obligations, from helping an adult child to buying a new car.
5. Balance your retirement budget
Next, determine how much income you'll have to generate via your savings to balance your budget. Simply subtract non-savings income (Social Security, etc.) from your expenses. If you estimate expenses at $90,000 per year and plan to earn $45,000 from Social Security benefits, a pension, and part-time work, you'll have to generate $45,000 (after taxes) from your nest egg to make up the difference.
6. Revisit your savings strategy
If, after completing the prior steps, you feel confident that your current plan will build an adequate retirement fund, keep doing what you're doing! But if you think that you may end up with a shortfall, take some time to review and adjust your plan. You may want to increase your savings rate, make catch-up contributions to retirement accounts (after age 50), or consult a financial advisor.
7. Reassess your health and health insurance
In addition to finances, quality of life in retirement will be determined by the state of your health and the quality of your health coverage. So, stay current on all checkups and preventive care; make lifestyle changes that may improve health and contain medical costs; review health insurance and long-term care plans; get up to speed on Medicare, Medicare Advantage, Medigap, Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage, and Medicaid.
Remember, as you get deeper into your retirement planning and preparation, you may need the assistance of a professional financial advisor, retirement planner, or tax advisor. If so, don't hesitate to ask for help.
Guardian can help
The information provided above can help inform your retirement strategy and decisions. However, as you get deeper into the planning process or closer to your retirement date, there may be issues that can be reviewed with a financial advisor.
If you don't currently have a financial advisor, Guardian can help. A Guardian financial advisor will listen to your needs, help define your goals, and work with you to help you better understand the retirement planning process and make decisions that are right for you. Here's how to find someone near you:
Frequently asked questions about retirement age
Most people retire earlier than they plan to. The median retirement age among retirees is 62, while working Americans expect to retire at a median age of 65. Nearly half of retirees (46%) say they left the workforce earlier than planned.17
For Social Security, the full retirement age is now 67 for anyone born in 1960 or later — the last step of a phase-in that began with people born in 1938. You can still claim reduced benefits as early as 62, and Medicare eligibility remains at 65.
This is a tricky question — there is no one-size-fits-all answer for your expected retirement age. When to retire is a personal decision that should be based on your financial circumstances, health status, work situation, and future goals. Plus, if you have a partner and/or family, their feelings should be taken into account. In short, there are a lot of moving parts that must be considered. Consulting with a financial advisor can help you make this important decision and create a strategy that can help you meet your goals.
According to the 2026 Retirement Confidence Survey, 29% of retirees say they retired before age 60.18 Why don't more people retire early? Since you can't start collecting reduced Social Security benefits until age 62, retiring at age 55 would require that you either have a pension or enough retirement savings to carry you until that time. It's also important to remember that many retirement savings accounts will penalize you for withdrawals before age 59½. Bottom line: You can retire at 55, but you should be well-prepared financially.
If you want to have a $100,000-a-year income in retirement, the amount you'll need in savings will depend on factors like your life expectancy, Social Security benefits, the age you retire, and pensions. Someone who receives $2,000 each month from Social Security or other sources will require less in retirement savings compared to those who only receive a $1,000 monthly benefit.
The best age to retire is a personal and complex question that depends on multiple factors. Financially, many people are better off if they wait to retire until 65. They'll receive higher monthly Social Security benefits and can wait longer to tap into any additional retirement savings. That said, someone who has the financial ability to retire earlier may prefer an earlier retirement. There are also those with lower life expectancies due to medical conditions who may choose to retire at 55 to enjoy relatively healthy years without work.
It depends on your finances, your health, and when you plan to claim Social Security. Retiring and claiming benefits aren't the same decision: You can stop working at 62 and still delay claiming. If you do claim at 62, your monthly benefit will be permanently reduced — by up to 30% if your full retirement age is 67 — compared with about 13% at 65, as the table above shows. Waiting until 65 also lines up with Medicare eligibility, which can help you avoid a gap in health coverage.
There's no single healthiest age to retire. What matters more is having a plan to stay physically active, mentally engaged, and socially connected once work ends — and the savings to support that lifestyle. Many Americans tie these decisions together: 43% say they plan to work until their health begins to deteriorate.19
