Average Retirement Age in the United States: Key Factors and Trends

Retirement is a major life event that many of us look forward to. It’s a time when we can finally put our feet up, enjoy the fruits of our labor, and pursue the activities we love. But when is the right time to retire in the United States, and why does it matter? In this post, we’ll explore the average retirement age in the U.S. and the factors that influence it.

On average, the retirement age in America is around age 65. However, this number can vary based on where you live, your gender, the economy and more.

Factors Influencing Retirement Age

Several factors can influence when someone decides to retire. These include financial considerations, health and career considerations, as well as lifestyle and cultural influences.

  1. Financial Factors: Your financial situation plays a significant role in determining when you retire. This includes having enough savings, pensions, and the impact of Social Security benefits on your retirement age.
  2. Health and Career Considerations: The state of your health and your job security can also impact your retirement timing. A healthy individual may choose to work longer, while job satisfaction and stability can influence early retirement decisions.
  3. Lifestyle and Cultural Influences: Personal choices, such as family responsibilities, hobbies, and leisure pursuits, can affect when you decide to retire. Generational and cultural differences also play a role in shaping retirement trends.

Strategies for a More Confident Retirement

So, how can you ensure a more confident retirement, regardless of your chosen retirement age? Here are some key strategies to consider:

  1. Financial Planning: Start early and create a comprehensive financial plan that includes savings, investments, and a budget for your retirement years.
  2. Diversify Income Sources: Relying only on one income stream is risky. Diversify your income sources to increase your financial confidence.
  3. Stay Active: Staying physically and mentally active in retirement is vital for your well-being. Pursue hobbies, volunteer work, or part-time employment to keep engaged.
  4. Part-Time Work and Volunteering: Consider part-time work or volunteer opportunities as a way to stay engaged and supplement your income.
  5. Seek Professional Advice: Consult with an experienced financial advisor to help you navigate the complexities of retirement planning.

While the average retirement age in the United States is around 65, it varies based on individual circumstances. Regardless of when you choose to retire, planning and understanding the factors at play are crucial for a more confident and fulfilling retirement. Make informed decisions about your retirement age, and remember that retirement is not just an end but the beginning of a new chapter in your life.

Nearing or in retirement? Join Shunkwiler President and Founder Brett Shunkwiler at one of our complimentary luncheons in Omaha and Lincoln, Nebraska to learn how you can maximize your retirement. It doesn’t cost a thing to attend, but it might

Not associated with or endorsed by the Social Security Administration or any other government agency. 

Maximizing your Social Security Benefits assumes foreknowledge of your date of death.  If as an example you wait to claim a higher monthly benefit amount but predecease your average life expectancy, it would have been better to claim your benefits at an earlier age with reduced benefits.