Retirement age has become a topic of discussion among experts and survey respondents. According to a recent report by Empower, the average retirement age is thought to be around 58 years old. However, this number may not reflect reality due to rising life expectancy.
Currently, men retire at 64 years old, while women retire at 62 years old, according to the Center for Retirement Research at Boston College. These numbers suggest that many Americans are working longer than they expect to.
In fact, a survey found that 58% of retirees end up retiring earlier than planned, with health-related reasons being the most common reason. This highlights the importance of having enough saved to sustain oneself during retirement.
Financial experts emphasize the need for starting retirement savings early and aggressively. A “magic number” of $1.26 million is believed by surveyed Americans to be necessary for a comfortable retirement, although many feel unprepared due to concerns about outliving their savings.
Some retirees opt to continue working part-time in retirement, often citing financial reasons. Experts advise delaying Social Security benefits can also help reduce the risk of running out of funds during retirement.
With life expectancy on the rise and retirement age seemingly younger than ever, it’s crucial for individuals to consider their options carefully and plan accordingly to ensure a secure retirement.
Source: https://www.cnbc.com/2025/08/23/what-to-consider-before-retiring-early.html