What is the average retirement age?

what is the average retirement age?

When you retire is up to you, but the decision to retire is based on many factors. Your savings, cost of living and family situation are a few things that may influence the timing of your retirement. While the average retirement age is 63 in the United States1, we live in a world where people tend to work to an older age. Though working longer has become normal, many may have the desire to retire as early as possible. Regardless of the average age, what’s most important is that you set goals and work toward finding the best time for you to retire. The key to preparing for retirement is planning. Start planning at least 5 years in advance by asking yourself simple questions like,

  • When do I want to retire?
  • Do I have any specific goals for retirement?
  • What do I dream of doing with my time during retirement? Example: Traveling the world or staying at home with family?

When you’ve set a target age for your retirement, the next step involves finding ways to work toward your goal. If you’re trying to retire early, there are steps you can take to find out the earliest time you can retire. To be on the right track toward retirement, you’ll need a plan. This plan should involve factors like saving your money, investing, managing your taxes, and figuring out your healthcare needs.

When it comes to your benefits and healthcare in retirement, the “full retirement age” is the age when you receive your full amount of social security benefits, including Medicare. Keep in mind that Medicare benefits begin at age 65. If you retire before you’re 65, you will have to pay for a private health plan until you are eligible for Medicare. Depending on your health care needs, you may need additional coverage along with Medicare once you turn 65. Health plans that provide extra coverage in addition to Original Medicare are often known as Medicare Supplement insurance plans or you may choose a Medicare Advantage plan instead of Original Medicare.

Retirement is a wonderful period of life that can allow you more time to enjoy the things you love. Whether you look forward to traveling, spending more time with family or enjoying your hobbies, proper planning can help you prepare to retire the way that you want. The average retirement age may be 63, but with planning, retirement can be at an age you choose!

1 Source: https://www.census.gov/population/international/files/97agewc.pdf

Registered representatives offer securities through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Investment advisor representatives offer advisory services through Mutual of Omaha Investor Services, Inc. 

Item #285253


Related Articles


Earning in Retirement: Jobs for Seniors

Nearly 75 percent of Americans plan to work beyond the traditional retirement age.1 Do you need some extra income? Do you want to stay active or volunteer for a cause? These jobs are perfect for seniors and retirees. Jobs for Seniors and Retirees Pet or house sitting Pet sitting jobs are easy to find, and you can make your own schedule. There are several ways to find […]

Read Article


Retirement Account Need-to-Knows: 401(k)s and IRAs

There are several different types of retirement accounts that you can choose from. However, two commonly referred to types are 401(k)s and Individual Retirement Accounts (IRAs). So, what do you need to know about these types of retirement accounts? What to know when investing in a 401(k) account You’ve probably heard of a 401(k), which is the most popular type of […]

Read Article


Should You Really Retire with $1 Million?

How much money is enough for retirement? A common piece of retirement advice is to save at least $1 million before you plan to retire. What factors into this, and is it really a one-size-fits-all budget? Why professionals say $1 million is the ideal retirement budget Saving for retirement depends on your expenses, age of […]

Read Article