Retirees in EBRI’s 2026 Retirement Confidence Survey report a median retirement age of 62, well below the Social Security full retirement age of 67 for people born in 1960 or later. Workers expect to retire later: their median expected retirement age is 65. Gallup’s April 2023 poll found the same gap, with retirees averaging 62 and nonretirees expecting 66. This page covers how those numbers compare, why so many retirements happen earlier than planned, and how the timing decision affects Social Security and the savings you need.
A note on the data: retirement age is measured in different ways. EBRI and Gallup ask retirees when they retired, while the Boston College Center for Retirement Research (CRR) calculates an average from Census Bureau survey data. The figures below are labeled with their source and date. We did not find an official source that publishes average retirement age by state, occupation, or income band, so this page does not give those breakdowns.
Average Retirement Age Overview
| Metric | Age |
|---|---|
| Median retirement age reported by retirees (EBRI 2026) | 62 |
| Median expected retirement age, current workers (EBRI 2026) | 65 |
| Average age retirees say they retired (Gallup, April 2023) | 62 |
| Average age nonretirees expect to retire (Gallup, April 2023) | 66 |
| Full Social Security retirement age (born 1960 or later) | 67 |
| Age after which delaying Social Security earns no more credits | 70 |
The gap between the age retirees report leaving work (62) and full Social Security age (67) means many people claim a reduced benefit if they start right away. For people born in 1960 or later, claiming at 62 pays 70% of the full benefit and waiting until 70 pays 124%. The average retirement savings for Americans near retirement age make this timing decision important: insufficient savings can push people to claim early even when delaying would pay more per month.
Average Retirement Age by Gender
Boston College’s Center for Retirement Research publishes an average retirement age for men and women, calculated from Census Bureau Current Population Survey data. Its 2024 figures are 65 for men and 63 for women.
| Year | Men | Women |
|---|---|---|
| 2013 | 64 | 63 |
| 2023 | 65 | 62 |
| 2024 | 65 | 63 |
Source: Center for Retirement Research at Boston College calculations from the U.S. Census Bureau’s Current Population Survey, 1962-2024. This is a different measure from the self-reported medians in the EBRI and Gallup surveys above, so don’t compare the numbers directly.
Average Retirement Age by State, Occupation, and Income
We did not find an official source that publishes average retirement age by state, by occupation, or by household income band, so this page does not list those figures. Earlier versions of this page showed estimates for all three; they did not come from a published source and have been removed.
Why People Retire When They Do
Many retirements happen earlier than planned. EBRI’s 2026 Retirement Confidence Survey found that nearly half of retirees say they retired earlier than planned, higher than in 2025. Among retirees who left earlier than planned, 41% cited a health problem or disability (up from 31% in 2025) and 35% cited changes at their company such as downsizing, closure, or reorganization. EBRI reports that 76% gave a reason outside their control. Workers who plan to work until 67 or 70 but leave earlier because of health or job loss may face years of retirement they did not budget for.
| Reason cited by retirees who retired earlier than planned (EBRI 2026) | Share |
|---|---|
| Health problem or disability | 41% |
| Changes at the company (downsizing, closure, reorganization) | 35% |
| Reason outside their control (combined) | 76% |
Source: EBRI 2026 Retirement Confidence Survey, Figure 15 (retirees who retired earlier than planned, n=495). Retirees could cite more than one reason, so the rows don’t add to the combined share.
Social Security and Retirement Age
Your Social Security benefit depends on when you claim. For people born in 1960 or later, claiming at 62 pays 70% of your full benefit, while delaying to 70 pays 124%, a 54-percentage-point spread. On a $2,500 full benefit, that is $1,750 a month at 62 versus $3,100 a month at 70, a difference of $1,350 a month. If you ignore cost-of-living adjustments and investment returns, the two choices have paid the same total by about age 80 (80.4 in our calculation from the SSA percentages); someone who lives past that collects more in total by waiting, and the real break-even depends on your own numbers. See when to claim Social Security for a full break-even analysis.
| Claiming Age (born 1960 or later) | % of Full Benefit | Monthly Benefit (if full is $2,500) |
|---|---|---|
| 62 | 70% | $1,750 |
| 63 | 75% | $1,875 |
| 64 | 80% | $2,000 |
| 65 | 86.7% | $2,167 |
| 66 | 93.3% | $2,333 |
| 67 (full) | 100% | $2,500 |
| 68 | 108% | $2,700 |
| 69 | 116% | $2,900 |
| 70 | 124% | $3,100 |
For more, see when to claim Social Security.
How Much Do You Need to Retire?
Each extra year of retirement has to be paid for, and claiming Social Security earlier means a smaller check. The table below is a simple illustration: it multiplies a $60,000 annual spending target by the years from each retirement age to age 85. It ignores Social Security, investment growth, and inflation, so it is a rough measure of total spending, not a savings target.
| Retirement Age | Years to Fund (to Age 85) | Total Spending ($60k/yr, no growth or Social Security) |
|---|---|---|
| 55 | 30 years | $1,800,000 |
| 60 | 25 years | $1,500,000 |
| 62 | 23 years | $1,380,000 |
| 65 | 20 years | $1,200,000 |
| 67 | 18 years | $1,080,000 |
| 70 | 15 years | $900,000 |
A common rule of thumb is to hold 25 times the amount you need to draw from savings each year, which matches a 4% starting withdrawal rate. Morningstar’s 2025 retirement income research suggests 3.9% is the highest safe starting withdrawal rate for a retiree who wants steady inflation-adjusted spending, assuming a 90% probability of having funds left at the end of an assumed 30-year retirement. As an example, if you spend $60,000 a year and claim a $1,750 monthly Social Security benefit ($21,000 a year) at 62, you would draw $39,000 a year from savings, and 25 times that is $975,000. Actual needs vary with healthcare costs, taxes, and spending, so use our retirement savings calculator or FIRE calculator for a personalized number.
The Early Retirement Cost
Medicare is the country’s health insurance program for people age 65 or older, so retiring at 62 leaves about three years to cover before Medicare starts. If you lose employer coverage, you would need to buy other coverage for that period, and what it costs depends on your income, subsidy eligibility, and state. Confirm current premiums for your situation before you set a retirement date.
Retiring at 62 vs. 67 changes several things at once:
| Factor | Retire at 62 | Retire at 67 | Difference |
|---|---|---|---|
| Social Security benefit (born 1960 or later) | 70% of full | 100% of full | 30% less |
| Years of retirement (to 85) | 23 years | 18 years | 5 more years to fund |
| Medicare eligibility | Not yet (age 65) | Yes | About 3 years before Medicare |
| Total spending at $60k/yr, no growth or Social Security | $1.38 million | $1.08 million | $300,000 more |
Worked Example: Retiring at 62 on $800,000
To make this concrete, consider a single person retiring at 62 with $800,000 in a 401(k)/IRA and a Social Security full benefit of $2,200/month (a hypothetical example — your own full benefit depends on your earnings record; check your actual estimate at ssa.gov).
Social Security: Claiming at 62 reduces the $2,200 full benefit by 30%, yielding $1,540/month ($18,480/year).
Savings gap: Targeting $60,000/year in spending, the shortfall is $60,000 − $18,480 = $41,520/year to be drawn from savings.
How long savings last: $800,000 ÷ $41,520 ≈ 19.3 years, meaning savings alone run out at roughly age 81 in this simplified example (this ignores investment growth on the remaining balance during drawdown, so an invested portfolio would typically last longer than this simple division suggests). Confirm your own numbers with a full retirement calculator that models ongoing investment returns.
The delay benefit: Waiting just three years to 65 reduces the benefit cut to 13.3% ($1,907/month, or $22,884/year). The savings gap drops to $37,116/year. The same $800,000 divided by that lower gap lasts roughly 21.6 years using the same simplified math.
The Medicare gap: Coverage from 62 to 65 is not included in this example. Its cost depends on income, subsidy eligibility, and state, so confirm current premiums for your situation.
| Scenario | SS Income | Gap from Savings | Savings Last (simple division, no growth) |
|---|---|---|---|
| Claim at 62 | $1,540/mo | $41,520/yr | ~19.3 years (~age 81) |
| Claim at 65 | $1,907/mo | $37,116/yr | ~21.6 years (~age 87) |
| Claim at 67 | $2,200/mo | $33,600/yr | ~23.8 years (~age 91) |
| Claim at 70 | $2,728/mo | $27,264/yr | ~29.3 years (~age 99) |
This table uses simple division (balance ÷ annual gap) with no investment growth assumed, which understates how long a properly invested portfolio would actually last — it’s meant to illustrate the relative effect of claiming age, not to be a precise depletion forecast.
The example shows how claiming age changes the gap your savings have to cover. The Social Security figures use the SSA percentages for people born in 1960 or later.
Bottom Line
Retirees in EBRI’s 2026 survey report a median retirement age of 62, and nearly half say they left earlier than planned. Building adequate savings, understanding your Social Security benefits, and having a realistic plan for how much you need to retire are essential regardless of when you plan to stop working.
For more on retirement planning at every age, see the Retirement Planning hub.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy