Not 65, not 61: A new survey reveals the age Americans really want to retire
Most U.S. workers want to retire by 58—nearly a decade before full Social Security benefits—though views vary widely across generations.
A new study suggests that the vast majority of workers in the United States believe the retirement age should be significantly earlier than it currently is. Currently, most workers expect to claim their full Social Security benefits at age 67 without penalty for exiting the labor force early. This suggests a shift in how workers perceive retirement, possibly influenced by changes in health, finances, or employment trends.
However, a recent study from Empower found that most respondents hoped to be debt-free by age 41 and in a position to retire by 58. That’s nearly a decade before the current Social Security Full Retirement Age (FRA). While there is no major political movement pushing Congress to lower the retirement age, the polling suggests that many workers would like to retire earlier—even if they don’t feel financially able to do so.
Public opinion on the ideal retirement age depends on which generation you ask
Another poll, conducted by Talker Research and published by Newsweek, found that views on the ideal retirement age vary by generation. The Silent Generation and Baby Boomers—many of whom are already retired—believe workers should stay in the workforce the longest, with average preferred retirement ages of 69.4 and 66.8 years, respectively. These figures are actually older than the FRA that applied when many of them retired.
On the other hand, Gen Xers said 63.6 was ideal, Millennials preferred 62.8, and Gen Z favored the youngest average retirement age at 61.6.
Workers don’t feel supported in saving for retirement
Although many workers would like to be in a financial position to retire before reaching Social Security’s Full Retirement Age (FRA), saving remains a challenge. A report from the National Institute on Retirement Security, titled Retirement Insecurity 2024: Americans’ Views of Retirement, found that nearly 80 percent of Americans believe the U.S. is facing a retirement crisis. Additionally, 55 percent expressed concern that they won’t be able to “achieve financial security in retirement.”
When it comes to Social Security, respondents also voiced strong concerns about the program’s solvency. Nearly all agreed that Congress and the White House—regardless of which party is in power—should address the funding shortfall. If left unresolved, the shortfall could result in a 25 percent cut to benefits as early as the 2030s.
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