The us average retirement age is 62, according to Gallup's 2024 Economy and Personal Finance poll, which has tracked this metric for over two decades. That number has shifted meaningfully since the 1990s, when Americans typically retired closer to age 57.
The problem is that "average" hides a wide gap between when people expect to retire and when they actually do — and that gap can wreck a financial plan. This article breaks down what the average retirement age really means, why it keeps changing, and how to use it as a benchmark for your own timeline.
What the us average retirement age Actually Measures
The us average retirement age is not a single fixed number. It comes from surveys asking current retirees when they stopped working, and from labor force data tracking when people exit the workforce. Gallup's long-running survey shows the average reported retirement age rose from 57 in 1991 to 62 in 2024.
That five-year shift reflects delayed Social Security claiming, longer life expectancies, and the decline of traditional pensions.
The Center for Retirement Research at Boston College notes that the "average" masks two distinct groups: those who retire voluntarily in their early 60s and those pushed out earlier by health problems or layoffs. Roughly half of retirees say they stopped working sooner than planned, according to the Employee Benefit Research Institute's Retirement Confidence Survey.
That forced-early-retirement group drags the average down.
How to apply this: Check your own expected retirement age against the 62 benchmark, then stress-test your plan for retiring 3 to 5 years earlier than you intend.
Why the us average retirement age Keeps Rising
The us average retirement age has climbed steadily for three decades, and the reasons are structural, not temporary. Social Security's full retirement age rose from 65 to 67 for anyone born in 1960 or later, which directly incentivizes working longer.
The shift from defined-benefit pensions to 401(k) plans means workers bear investment risk themselves — and many choose to work longer to build a bigger cushion.
A second driver is health and longevity. Americans at age 65 can now expect to live another 18 to 20 years on average, according to the Social Security Administration's actuarial tables. That longer horizon makes retiring at 62 feel riskier than it did a generation ago.
The Bureau of Labor Statistics projects that labor force participation among workers 65 and older will keep climbing through 2032.
How to apply this: If you were born in 1960 or later, plan your savings target around a full retirement age of 67, not 65.
The Gap Between Expected and Actual Retirement
One of the most overlooked facts about the us average retirement age is how often reality diverges from intention. The Employee Benefit Research Institute consistently finds that workers expect to retire around age 65, while actual retirees report stopping at 62.
That three-year gap may sound small, but it represents roughly 15% less earning time and 15% more years of withdrawals from savings.
Consider a common scenario: a 55-year-old worker plans to retire at 65, but a layoff at 61 forces an earlier exit. Without a bridge strategy — part-time work, a spouse's income, or a taxable brokerage account — that worker may claim Social Security early at a permanently reduced benefit.
The Social Security Administration explains that claiming at 62 instead of 67 cuts the monthly benefit by about 30%.
How to apply this: Build a "bridge fund" in a taxable account equal to 2 to 3 years of living expenses so an early exit doesn't force a bad Social Security decision.
How the us average retirement age Varies by Demographics
The us average retirement age looks very different depending on income, education, and occupation. Higher-income workers tend to retire later — often past 65 — because their jobs are less physically demanding and they enjoy the work. Lower-income workers in physically taxing roles frequently retire before 62, often due to health limitations.
The National Bureau of Economic Research has documented that college-educated workers retire about two years later than those without a degree. Gender gaps are narrowing but persist: women retire slightly earlier than men on average, partly due to caregiving responsibilities and lower lifetime earnings.
Geography matters too — workers in high-cost states like California and New York often delay retirement compared to those in lower-cost regions.
How to apply this: Use demographic benchmarks that match your situation, not the national average, when setting your retirement date.
Tools to Track Your Retirement Readiness
Understanding the us average retirement age is only useful if you can measure your own progress against it. NewRetirement offers a free retirement planner that models different retirement ages and shows how each choice affects your long-term cash flow. It is one of the few tools that lets you compare retiring at 62, 65, or 67 side by side.
Empower (formerly Personal Capital) provides a free retirement fee analyzer and net-worth dashboard that aggregates all your accounts in one place. Its retirement planner uses Monte Carlo simulations to show the probability your savings last to age 90 or beyond.
For Social Security-specific planning, the official Social Security Administration's retirement estimator gives a personalized benefit projection based on your actual earnings record.
How to apply this: Run your numbers through one of these tools at three different retirement ages — 62, 65, and 67 — and compare the monthly income difference.
Comparison of Retirement Planning Approaches
| Strategy | What it does | Action to take |
|---|---|---|
| Retire at 62 | Maximizes leisure, reduces Social Security benefit by ~30% | Run a budget at the reduced benefit level |
| Retire at 67 | Full Social Security benefit, longer savings runway | Verify your savings survive to age 90+ |
| Bridge strategy | Part-time work from 62-67 fills the gap | Identify 2-3 realistic part-time income sources |
| Delayed claiming | Waiting to 70 boosts benefits by 8% per year | Calculate the break-even age for your situation |
Frequently Asked Questions About us average retirement age
What is the current us average retirement age in 2025?
The us average retirement age reported by Gallup in 2024 was 62, and it has remained in the 61 to 62 range since the early 2010s. The Social Security full retirement age for anyone born in 1960 or later is 67, which creates a five-year gap between the average actual retirement and the age at which full benefits become available.
How does the us average retirement age compare to other countries?
The us average retirement age of 62 is slightly higher than the global average but lower than several developed nations. Workers in Japan and South Korea often remain employed past 68 due to cultural norms and pension structures. In contrast, many European countries with generous state pensions see average retirement ages in the low 60s.
Does the us average retirement age differ by state?
Yes, the us average retirement age varies by state due to cost of living, tax policy, and industry mix. States with high housing costs and income taxes, like New York and California, tend to see later retirement ages. States with lower costs and retiree-friendly tax policies, such as Florida and Tennessee, attract earlier retirees and can skew local averages younger.
Can I retire earlier than the us average retirement age safely?
You can retire earlier than the us average retirement age if your savings rate and withdrawal strategy support it. The key risk is healthcare: Medicare eligibility begins at 65, so retiring before then requires private insurance or COBRA coverage. A common approach is retiring from full-time work at 60 but maintaining part-time income until Medicare kicks in.
What happens if I retire later than the us average retirement age?
Retiring later than the us average retirement age of 62 generally improves your financial security. Each additional year of work adds to savings, reduces the number of withdrawal years, and delays Social Security claiming. Waiting from 67 to 70 increases your benefit by 8% per year, which is a guaranteed return difficult to match elsewhere.
Conclusion
The us average retirement age of 62 is a useful benchmark, but your own timeline depends on health, savings, and lifestyle goals.
- The average has risen from 57 to 62 over three decades, driven by Social Security changes and longer lifespans
- Half of retirees stop working earlier than planned, so build flexibility into your timeline
- Claiming age dramatically affects benefits: 62 cuts them by 30%, while waiting to 70 adds 8% per year
- Use retirement planning tools to model different exit ages before committing to a date
Start by running your numbers at age 62, 65, and 67. The difference in projected monthly income will tell you more than any national average ever could.
