Average Age of Retirement in the US – Stats You Should Know

Retirement means different things to different people – freedom, a new chapter, maybe even a long-awaited breather. But if you’re wondering when most people in the U.S. actually call it quits, the short answer is: somewhere around age 62 or 63.

Still, averages don’t tell the whole story. Behind that number is a wide range of personal choices, financial situations, and life circumstances.

Whether you’re decades away or just a few years out, knowing how retirement age trends stack up, by gender, race, education, and even ZIP code, can help you better plan for what’s ahead.

Let’s take a look at what the numbers really say.

The National Average

Most Americans retire around age 62 to 63. That figure has held steady in recent years, but it didn’t always look that way.

According to The Motley Fool, the average retirement age sits right at 62, based on long-term Gallup polling and recent surveys from the Employee Benefit Research Institute and MassMutual.

NerdWallet reports a similar estimate, while Forbes Advisor goes slightly higher, 63, based on findings from the Center for Retirement Research at Boston College.

A few decades ago, people were stepping away from the workforce even earlier. In 1991, the average age of retirement hovered around 57. By 2002, it rose to 59, and since then, it’s drifted upward, reflecting not just longer lives but also changing financial pressures and policy shifts.

Still, there’s a key distinction: while many expect to retire around 65, the median actual retirement age is still closer to 62. In other words, a lot of people stop working earlier than planned, often because they have to.

Retirement Age Differences

The average retirement age is only part of the picture. There’s a lot of variation depending on who you are, where you live, and what kind of work you do.

By Gender

Men and women don’t always retire at the same age.

• In 1992, men retired around 62, while women retired at 59.
• Fast-forward to 2021, and men’s average age had climbed to 65, while women’s rose to 62 (Center for Retirement Research via Forbes Advisor).
• Empower’s 2024 data puts it at 65 for men and 63 for women.

The gap has narrowed over time, largely due to women participating in the workforce longer and gaining access to more retirement resources.

By Education Level

Education plays a big role in shaping retirement timelines.

• Male college graduates retire at about 65.7 years old.
• Male high school graduates exit the workforce closer to 62.8.

More educated workers often have jobs that are less physically taxing and come with better benefits and savings options—so they’re more likely to stick around longer.

By Race and Ethnicity

Retirement age also varies significantly across racial lines:

• 56% of Black workers and 65% of Hispanic workers retire by age 61, compared to 48% of White workers.
• On the flip side, 27% of White workers retire at 65 or older, compared to just 17% of Black workers and 15% of Hispanic workers, as per statistics.

Those disparities are tied to deeper issues –  economic inequality, access to employer-sponsored retirement plans, differences in life expectancy, and the long-term impact of job market discrimination.

By State

Where you live can nudge your retirement age in either direction. States with higher living costs or stronger job markets often see people working longer.

Others, with fewer opportunities or more labor-intensive industries, see earlier retirements.

Here’s a quick snapshot of state-level differences:

So, if you’re in D.C., chances are you’re sticking it out longer. But in West Virginia or Alaska, people are typically stepping away a few years earlier.

What Shapes the Retirement Decision?

Retirement doesn’t just “happen” when you hit a certain age. It’s usually the result of several pushing and pulling factors. Some are financial, others personal or health-related. Here’s what tends to weigh most heavily.

Financial Readiness

Money is the biggest driver of retirement timing. Those who feel confident in their nest egg, whether it’s a healthy 401(k), pension, or IRA, may choose to retire earlier. Others keep working because they need to, not because they want to.

The average Social Security benefit is around $1,620 per month, which alone isn’t enough for most people to live comfortably. So, many workers extend their careers to build up savings or increase their future benefits.

Remember: the earlier you claim Social Security (starting as early as age 62), the smaller your monthly checks. Waiting until your full retirement age (FRA) or beyond can mean a much higher benefit.

Here’s a look at how FRA changes by birth year:

So if you were born in 1962, for example, your full retirement age would be 67—but you could start collecting early with a reduced benefit as soon as 62.

Health

It’s a sad reality: many people don’t retire early because they want to—they do it because they have to.

Chronic health issues, disability, or simply being worn out from physically demanding jobs can push people out of the workforce earlier than they’d planned. That’s especially common in lower-income groups, where preventive healthcare might be harder to access and manual labor is more common.

On the other hand, good health can keep people going well past their 60s, especially if their job is mentally stimulating or not too stressful.

Lifestyle Preferences

Some people dream of traveling the world. Others just want more time with the grandkids or to finally write that book. Lifestyle goals play a huge role in when someone decides to step away from work.

And then there are people who genuinely like working—whether for structure, social interaction, or a sense of purpose. They may “retire” later, or not at all in the traditional sense.

Economic Trends

Broader economic conditions matter too. During a recession or market crash, people may delay retirement if their investments take a hit. Or, as seen during the COVID-19 pandemic, they might retire early due to job loss or family caregiving duties.

In fact, a 2021 Pew Research Center survey found that 24% of adults aged 50+ either delayed or considered delaying retirement because of the pandemic’s impact.

How Long Will Retirement Last?

Retirement is lasting longer than ever before, meaning your money has to stretch further, too.

According to OECD data:

• In 1970, American men could expect to spend 12.8 years in retirement; women, 16.6.
• By 2020, those numbers had jumped to 18.6 years for men and 21.3 years for women.

For context, women in Greece are now spending an average of 28.4 years in retirement. In Luxembourg, men average 24 years. The U.S. ranks in the bottom half among developed nations.

That means retirement planning isn’t just about when you leave work—it’s also about how long you’ll be out of the workforce. Running out of savings is a real concern for many.

Retirement Trends to Keep an Eye On

Some patterns are starting to emerge that shape how retirement looks today—and how it might evolve in the future.

Rising Retirement Ages

We’re working longer. In 1991, the average retirement age was 57. Now it’s closer to 61 or 62, and likely to keep creeping upward.

Retirement isn’t a one-size-fits-all event anymore. Some phase out slowly, reduce hours, or transition into part-time consulting gigs before fully exiting.

Early Retirement Is Still Common

Even though the average is rising, 48% of retirees still leave the workforce earlier than planned.

That’s usually due to:

• Health concerns
• Family responsibilities (like caregiving)
• Job loss or forced layoffs

Fewer Retiring at Traditional Ages

From 2002 to 2007, about 41% of people aged 60–64 were retired. Between 2016 and 2022, that number dropped to 32%.

For ages 65–69, it went from 76% down to 70%.

That shift reflects both need and choice: people are staying in the workforce longer, whether for income, identity, or both.

Practical Planning Tips

If you’re aiming for a secure and comfortable retirement, a few key strategies go a long way:

• Start early. Even small contributions to a 401(k) or IRA in your 20s or 30s can grow significantly over time thanks to compounding.
• Plan for healthcare. Medicare doesn’t kick in until age 65, so if you retire earlier, you’ll need a bridge strategy.
• Know your benefits. Claiming Social Security early reduces your payout. Holding off until your full retirement age, or even 70, can pay off in the long run.
• Build flexibility into your plan. Things change—health, jobs, markets. Leave room to adjust.
• Use retirement tools. A calculator like NerdWallet’s Retirement Calculator can help you get a realistic snapshot of where you stand.

My Methodology

I cross-checked multiple reputable sources

I didn’t rely on just one report or survey. Instead, I pulled from a range of credible institutions – Gallup, the Center for Retirement Research at Boston College, Pew Research Center, OECD, MassMutual, Empower, NerdWallet, and Forbes Advisor.

I prioritized data from original studies and official surveys

Wherever possible, I traced the statistics back to their original source—not just a blog summarizing them.

For example, when citing retirement age by education or race, I referred to source data or summaries from research institutes that specialize in retirement demographics, like CRR or EBRI.

I used the most recent data available (as of 2024–2025)

For all the key statistics – whether average retirement age, full retirement age by birth year, or how long retirement lasts – I made sure to use data either from 2021–2024 studies or from long-running datasets with updated annual reporting (like OECD’s retirement duration stats).

I also noted when numbers came from earlier years but are still widely cited (e.g., Pew’s 2021 pandemic impact).

When listing retirement ages by state, I relied on compiled datasets

For the state-level section, I pulled data from aggregated research compiled by national financial platforms (like SmartAsset and U.S. Census data), which use labor participation rates and average retirement claims to estimate state retirement age differences. I double-checked outliers (like D.C. and West Virginia) against multiple publications.

I verified Social Security benefit rules and FRA directly from SSA

The section on claiming Social Security early vs. full retirement age uses the official Social Security Administration guidelines. The table of FRA by birth year follows the SSA’s current policy, not estimates or speculation.

Where disparities (gender, race, education) were cited, I explained context, not just numbers

I didn’t just quote surface-level differences. I connected the dots with explanatory factors like physical labor, job benefits, health access, or systemic inequality.

Each was grounded in research from think tanks and long-term labor market studies.

I excluded any speculative or overly outdated figures

If a stat didn’t have a clear timestamp, or came from a source with unclear methodology, I left it out.

Only statistics backed by transparent sample sizes or repeated across multiple sources were used.

I combined quantitative stats with qualitative factors

Retirement isn’t just about numbers – it’s also shaped by lifestyle, identity, and health. For these sections, I used behavioral data from organizations like AARP and Pew to reflect why people actually choose (or are forced) to retire.

I cited trends rather than one-off data points

For trends like “rising retirement age” or “longer retirement durations,” I relied on multi-year studies and historical comparisons (e.g., 1991 vs. 2024 averages), so readers could see patterns, not isolated figures.

If a number appeared in only one source, I either left it out or clarified the origin

Accuracy matters. So whenever I included a stat that didn’t appear widely, I made sure to mention where it came from and avoided presenting it as universal.

Final Thoughts

The average retirement age in the U.S. sits around 62 to 63, but don’t let that number box you in. Your retirement might come earlier or later depending on your health, your finances, and what you want out of the years ahead.

Gender, race, education, and even geography can all shape when and how people retire. And as life expectancy keeps rising, retirement is lasting longer than ever—which makes planning even more important.

Whether you’re just starting out or already counting down the months, being informed helps you retire on your terms—not someone else’s schedule.

And if you’re still working at 67 or relaxing at 59? Either way, it’s all about building a life that works for you.

References

• fool.com – What Is the Average Retirement Age in the U.S.?
• nerdwallet.com – Average Retirement Age in the U.S.
• forbes.com – The Average Age Of Retirement In The USA
• empower.com – What is the average retirement age?
• pewresearch.org – A Year Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many Americans