Wealthy PotAverage Retirement Age: When Americans Actually Retire, and What Each Age Costs
The typical American retires at 62. That is the median age at which retirees say they actually stopped working, in the 2026 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI) and Greenwald Research. Workers still on the job expect to go at 65, so the gap between plan and reality is about three years, and it has held for years. Social Security sees a later number: the average new retired-worker beneficiary in 2025 was 65.3 (men) or 65.2 (women) when benefits started, because many people stop work before they claim. This page sets out both measures, the claiming pattern behind them, and what retiring at each common age does to your income.
Table of Contents
The Short Answer
- 62 is the median age at which retirees say they retired; 65 is the median age workers expect to retire (EBRI/Greenwald, 2026).
- 46% of retirees left the workforce earlier than they planned, most often because of health or disability, or changes at their employer.
- The average age at which new retirees started Social Security in 2025 was 65.3 for men and 65.2 for women, up from about 63.5 in the 1990s (SSA).
- 62 is still the most common single claiming age: about 22% of 2025 retired-worker awards. About 8% waited until 70 or later.
- Full retirement age is 67 for anyone born in 1960 or later. Claiming at 62 then cuts the monthly benefit by 30%, permanently.
- Medicare starts at 65 regardless of your Social Security full retirement age. Retiring at 62 can leave a three-year health insurance gap.
Expected vs Actual Retirement Age
No federal agency publishes an official "average retirement age." Retirement is not a single event recorded anywhere: people leave a career job, work part time, stop, start again. The best direct measure is a survey that asks people. EBRI and Greenwald Research have run the Retirement Confidence Survey for 36 years; the 2026 edition was fielded online from January 2 to 28, 2026, among 2,544 Americans aged 25 and over, including 1,007 workers and 1,045 retirees.
| Age | Workers: when they expect to retire | Retirees: when they actually retired |
|---|---|---|
| Before 60 | 12% | 29% |
| 60 to 64 | 18% | 31% |
| 65 | 19% | 14% |
| 66 to 69 | 13% | 16% |
| 70 or older, or never | 39% | 10% |
| Median | 65 | 62 |
The striking row is the last one. Nearly four in ten workers say they will work to 70 or never stop. Only one retiree in ten actually did. Meanwhile 60% of today's retirees were out of the workforce before 65. Planning on a late retirement is the most common assumption in the survey, and the one most often proved wrong.
Why So Many Retire Earlier Than Planned
In the same survey, 46% of retirees said they left the workforce earlier than planned. Their reasons (the shares add to more than 100%, so many gave more than one):
- 41% cited a hardship such as a health problem or disability.
- 35% cited changes at their company.
- 36% said they could afford to retire earlier.
Only the third is a choice. For most people who retire early, the date is set by their body or their employer. The practical lesson is to build a plan that still works if you stop at 62 rather than 67: savings that can bridge the gap (compare yours with the average 401(k) and average IRA balance by age), health coverage until Medicare, and a Social Security decision you make on purpose rather than by default. Our look at the pros and cons of early retirement covers the trade-offs for people who do have the choice.
The Age People Claim Social Security
The Social Security Administration publishes the exact age of every new retired-worker award in its Annual Statistical Supplement. The 2026 edition covers awards made in 2025, when 3,921,537 people started retired-worker benefits.
| Age when benefits started | Men, 2025 | Women, 2025 |
|---|---|---|
| 62 | 21.5% | 22.7% |
| 63 | 6.4% | 6.7% |
| 64 | 6.6% | 7.1% |
| 65 up to full retirement age | 16.9% | 17.2% |
| At full retirement age | 25.3% | 23.8% |
| of which: disability benefits converting automatically | 11.8% | 11.5% |
| After full retirement age, before 70 | 14.9% | 14.1% |
| 70 to 74 | 8.1% | 8.0% |
| 75 or older | 0.3% | 0.4% |
| Average age | 65.3 | 65.2 |
Two things have changed a great deal. In 1996, 49.9% of men and 57.4% of women took benefits at 62, and the average age at award was about 63.5. By 2025 the share at 62 had fallen to about a fifth and the average age had risen to 65.3. Part of that is the rise in full retirement age from 65 toward 67, which made claiming at 62 more expensive. Part is longer working lives.
Still, a majority claim early. Adding the rows before full retirement age gives 51.4% of men and 53.7% of women, and SSA's own count is that 53.2% of all 2025 awards were reduced for early retirement. The average new reduced award was $1,713 a month against $2,602 for unreduced awards. Those two groups differ in earnings history as well as timing, so the gap is not all caused by the reduction, but it shows where early claimers end up. For the current benefit picture, see the average Social Security check.
How Many People Still Work at Each Age
A third view comes from the Bureau of Labor Statistics, which counts how many people in each age group are working or looking for work. In 2025:
| Age | In the labor force, 2025 |
|---|---|
| 55 to 59 | 75.0% |
| 60 to 64 | 58.7% |
| 65 to 69 | 33.3% |
| 70 to 74 | 18.8% |
| 75 and over | 8.5% |
The steepest drop is between the early 60s and the late 60s, which matches both the survey median of 62 and the Social Security claiming cluster from 62 to 67. One in three people aged 65 to 69 is still in the labor force, so working past the traditional age is common, just not as common as workers expect.
Full Retirement Age by Birth Year
Your Social Security "full retirement age" (SSA's actuaries call it normal retirement age) is set by law by year of birth. It is the age at which you receive 100% of your primary insurance amount.
| 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 |
Everyone turning 65 from 2025 onward has a full retirement age of 67. Several other ages matter for retirement timing and none of them line up:
- 59½: withdrawals from IRAs and workplace plans generally escape the IRS's additional 10% early-withdrawal tax.
- 62: earliest Social Security retirement benefit.
- 65: Medicare eligibility. The initial enrollment window runs seven months, from three months before the month you turn 65 to three months after.
- 67: full Social Security benefit for anyone born 1960 or later.
- 70: delayed retirement credits stop, so there is no gain from waiting longer.
- 73: required minimum distributions from traditional IRAs and most workplace plans generally begin.
Federal employees have one more: the FERS minimum retirement age, which is 56 for those born 1953 to 1964, rising by two months a year to 57 for anyone born in 1970 or later. With 30 years of service you can leave at the MRA with an immediate, unreduced annuity; with 10 to 29 years, the annuity is cut 5% for each year under 62, unless you have 20 years and wait to 60. See our Thrift Savings Plan guide for the savings side.
Retiring at 62, 65, 67 or 70: What Changes
Stopping work and claiming Social Security are separate decisions, but they usually travel together. SSA's rule for anyone with a full retirement age of 67: the benefit is reduced by 5/9 of 1% for each of the first 36 months before full retirement age and 5/12 of 1% for each month beyond that, and it rises by 8% a year for each year you wait past full retirement age, up to 70. For a hypothetical worker whose full benefit at 67 would be $2,000 a month:
| Claim at | Share of full benefit | Monthly benefit (hypothetical) |
|---|---|---|
| 62 | 70% | $1,400 |
| 63 | 75% | $1,500 |
| 64 | 80% | $1,600 |
| 65 | 86.7% | $1,733 |
| 66 | 93.3% | $1,867 |
| 67 | 100% | $2,000 |
| 70 | 124% | $2,480 |
Retiring at 62. The benefit is 30% lower for life. If you keep working while claiming before full retirement age, SSA withholds $1 for every $2 you earn above $24,480 in 2026 (withheld amounts are credited back later by recalculating the benefit at full retirement age). And you need health insurance for three years until Medicare. This is the age most retirees actually stop, so it deserves a plan rather than a guess.
Retiring at 65. Medicare begins, which removes the largest pre-retirement cost for many households. But 65 is no longer full retirement age for anyone now approaching it: claiming Social Security at 65 still means a 13.3% cut if your full retirement age is 67. Sign up for Medicare Part B on time even if you delay Social Security; missing the window without other qualifying coverage brings a penalty of 10% for each full 12 months you could have enrolled, for as long as you have Part B. Current premiums are on our Part B premium page.
Retiring at 67. Full benefit, and the earnings test no longer applies from the month you reach full retirement age, so you can work any amount without withholding.
Retiring at 70. The largest monthly benefit, 24% above the full amount. The cost is eight years of checks you did not take after 62, so the decision depends on health, other savings and, for married couples, what the surviving spouse will receive. If waiting means drawing savings down faster in your 60s (see average net worth by age for what households typically hold), model it first with the retirement withdrawal calculator. For how the system's finances could affect these numbers, see how Social Security changes could affect your plan, and for couples, spousal benefits.
Sources & Methodology
- EBRI and Greenwald Research, 2026 Retirement Confidence Survey, Fact Sheet #2: Expectations About Retirement, and the April 21, 2026 release with the survey method.
- SSA, Annual Statistical Supplement 2026, Tables 6.B3 and 6.B5: retired-worker awards by age and early-retirement reduction, 2025.
- SSA Office of the Chief Actuary, Normal Retirement Age and Early or Late Retirement?: full retirement age table, reduction and delayed-credit rules.
- SSA, Receiving Benefits While Working: 2026 earnings test limits, matching the Federal Register notice of November 3, 2025.
- BLS, Current Population Survey, Table 3, 2025 annual averages: labor force participation by age.
- Medicare.gov: initial enrollment period and late enrollment penalties.
- OPM, FERS eligibility; IRS, early distributions; IRS, RMD FAQs.
Method notes. "Retirement age" here means the age people say they retired (EBRI); "claiming age" means the age at which a retired-worker benefit began (SSA). They measure different things and should not be averaged together. The combined share claiming at 62 (about 22%) and at 70 to 74 (about 8%) weights SSA's published percentages for men and women by the number of awards. The early-claiming totals sum SSA's published age columns. The benefit table applies SSA's stated formula to a hypothetical $2,000 full benefit. 2027 earnings-test limits have not been published yet.
This article is for general information and is not financial, tax or benefits advice. Figures are from EBRI, the Social Security Administration, the Bureau of Labor Statistics, Medicare.gov, OPM and the IRS, checked against the primary sources on 2026-10-04. Benefit examples are hypothetical. Your own Social Security estimate is on your statement at ssa.gov, and the right retirement age depends on your health, savings, pension and family; consider speaking to a qualified professional before deciding.
FAQ
What is the average retirement age in the US?
Retirees report a median retirement age of 62 in EBRI and Greenwald's 2026 Retirement Confidence Survey. Workers expect to retire at a median of 65. The average age at which new retirees started Social Security in 2025 was 65.3 for men and 65.2 for women.
What is the most common age to retire?
62 is the most common single age to claim Social Security, about 22% of 2025 retired-worker awards. In EBRI's survey, 31% of retirees stopped work between 60 and 64 and 29% before 60.
What is full retirement age for someone born in 1960?
67. Full retirement age is 67 for everyone born in 1960 or later, and between 66 and 66 and 10 months for those born 1943 to 1959. If you were born on January 1, use the previous year.
How much do you lose by taking Social Security at 62?
With a full retirement age of 67, claiming at 62 reduces your monthly benefit by 30%, for life. A $2,000 full benefit would become $1,400. Claiming at 65 still costs 13.3%.
How much more do you get by waiting until 70?
For anyone born in 1943 or later, delayed retirement credits add 8% a year after full retirement age. With a full retirement age of 67, waiting to 70 gives 124% of the full benefit. Credits stop at 70.
Can I retire at 62 and get Medicare?
No. Medicare eligibility starts at 65 whatever your Social Security age. Someone who retires at 62 needs other coverage, such as an employer retiree plan, COBRA or a marketplace plan, for about three years.
Can I work while collecting Social Security before full retirement age?
Yes, but in 2026 SSA withholds $1 for every $2 you earn above $24,480. In the year you reach full retirement age the limit is $65,160 and the withholding is $1 for every $3. From the month you reach full retirement age there is no limit.
Why do people retire earlier than they plan?
In EBRI's 2026 survey, 46% of retirees left work earlier than planned. Of those, 41% cited a health problem or disability, 35% changes at their company and 36% said they could afford to.
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"Average Retirement Age: When Americans Actually Retire, and What Each Age Costs." Wealthy Pot, 2026. https://wealthypot.com/average-retirement-age/
