What is the average retirement age in the United States in 2024?

Millions of people go into retirement in the United States each year. Some live off monthly Social Security benefits when they stop working, others rely on their savings, while many others depend on both amounts for their living expenses.

The age at which a person retires is influenced by several factors. One consideration is the Social Security benefits a person can receive when they retire. The program’s beneficiaries can begin receiving their payments as early as age 62 and delay them until age 70.

The average retirement age in the United States is 62, according to a MassMutual survey. This is considerably higher than in 1991, when it was 57. In 2002, the average age was 59.

Why retiring at 62 is not ideal in the United States

Although workers in the country can begin collecting Social Security benefits as early as age 62, they receive less money at this age than they would have if they chose to retire a few years later.

Delaying claiming payments would result in a bigger Social Security check, since you can only collect the full amount at the age of 67.

The Social Security Administration recommends that workers wait until they reach full retirement age to receive their benefits, because they would then collect 100% of what a retired worker is entitled to.

Full retirement age depends on the worker’s year of birth. If they were born between 1943 and 1954, it is 66 years old. If the person was born between 1955 and 1959, the full retirement age gradually increases until it reaches 67 years of age for those born from 1960 onwards.

In 2024, the maximum benefit at age 62 is $2,710; at age 65 it is $3,426; and at age 66 it is $3,652. As for payments claimed at full retirement age (67 years for people born after 1960), the maximum benefit that retirees can aspire to is $3,822. At age 70, the maximum monthly payment is $4,873.