What Is the Average Retirement Age?

Chart of the WeekThe average retirement age for men is about 64 and it is right around 62 for women. A recent report conducted by the Center for Retirement Research defined the average retirement age as the point when the labor force participation rate drops below 50%. A big decline for men started after World War II when Social Security benefits and employer pensions made retirement more attractive. Other big developments included to the introduction of Medicare in 1965 and an increase in Social Security benefits in 1972.

Average Retirement Age

More women have entered the workforce since the 1980s and many couples like to coordinate their retirement. People with more education tend to work longer and older workers tend to be among the more educated, healthiest, and wealthiest. Working longer can be the key to a secure retirement—monthly Social Security benefits claimed at age 70 are more than 70% greater than those claimed at age 62. Most retirees are unaware of this information, suggesting that addition retirement education may be needed.

Summary

  • The average retirement age has increased only slightly in the last 10 years to 64 for men and 62 for women.
  • The average age for men has been declining since the advent of Social Security benefits, pensions, and Medicare.
  • Women have become more present in the workforce since the 1980s.
  • People with more education tend to work longer.
  • Older workers tend to be among the more educated, healthiest, and wealthiest.

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Most retirees on unaware that monthly Social Security benefits claimed at age 70 are more than 70% greater than those claimed at age 62. Learn more about planning for retirement: Individual Investors | U.S. Investment Professionals

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The opinions expressed are those of our investment professionals, and are no guarantee of the future performance of any American Century Investments® portfolio. This information is not intended to serve as investment advice; it is for educational purposes only.