The average retirement age is 64 for a work life of about 42 years, not anywhere close to 48 or 52 years. And less than 10% of Social Security recipients get the maximum benefit by claiming at 70, and those that do are the highest-income individuals.
The average retirement age is 64 for a work life of about 42 years, not anywhere close to 48 or 52 years. And less than 10% of Social Security recipients get the maximum benefit by claiming at 70, and those that do are the highest-income individuals.
In 2022, 8.2% of people 75 and older were part of the labor force. Their colleagues included 18.4% of the Americans between ages 70 and 74, and 33.3% of those from 65 to 69.
There is no single age at which one should stop working, as it depends on a variety of personal and financial factors. Some key considerations include your retirement savings, health, desired lifestyle, and personal preferences.
The unemployment rate for people ages 16 to 24 in the United States in 2023 was 9.7 percent. However, this rate was much lower for people aged 45 and over, at 2.6 percent.
You're Likely to Live Longer If You Retire After 65.
Contrary to what you may be thinking, it's common for some people to work until 70 or older for reasons completely unrelated to finances. But even if you choose to work until 70 for other reasons than money, the reality is that you'll likely notice some positive economic impacts from your decision.
The overwhelming majority of 60-year-olds will live until at least 70, and majorities will get to at least 80. Similarly, very few people who make it to 50 die before they turn 60. As we look at younger and younger cohorts, we see better and better long-term odds as well.
About 26% of people between 65 to 74 are continuing to work, and that number shrinks to about 7.3% for people over 75, according to census data. "We can recognize that these folks are indeed not representative of the underlying cohorts that they're born into," he said.
The average retirement age in the United States is 62, according to a 2024 MassMutual survey. In 1991, it was 57; in 2002, it was 59, according to a 2022 Gallup poll.
The median length of time employees stay with a company is 4.1 years, according to 2022 data from the Bureau of Labor Statistics.
New jobs for those over the age of 55 are few and far between, and many people age 60 or older are hitting a solid barrier preventing them from getting hired. “I've held a VP role at two Fortune 500 companies, but my current job search is leading to a dead end,” said Ann, who was calling for job search assistance.
Research shows career burnout hits its peak in the 34-54 age group and typically affects more women than men.
The research backs up previous research about the typical retirement age, with the nonprofit Employee Benefit Research Institute finding earlier this year that the median retirement age for Americans is 62.
In the United States in 2021, the death rate was highest among those aged 85 and over, with about 17,190.5 men and 14,914.5 women per 100,000 of the population passing away. For all ages, the death rate was at 1,118.2 per 100,000 of the population for males, and 970.8 per 100,000 of the population for women.
Pear Shape
It's more common among women, and it may be part of the reason they often live longer than men. That could be because belly fat, more common in men, is linked to more health problems than lower-body fat.
People's health in their 70s varies a lot. Some people are completely healthy while others have multiple illnesses. No matter what your condition, there is a lot you can do to improve your health, prevent illnesses, and keep your brain sharp.
Those retiring at age 65 or greater have an 11-percentage-point greater probability of surviving to age 80 than those retiring at exactly age 62.
There are many diverse job opportunities for seniors searching for extra work. Health services is a top in-demand job for older workers, employing nearly 1.6 million workers age 65 and older in 2023, according to the Bureau of Labor Statistics.
The overwhelming majority of 60 year olds will live until at least 70, and majorities will get to at least 80. Similarly, very few people who make it to 50 die before they turn 60. As we look at younger and younger cohorts, we see better and better long-term odds as well.
On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.
According to 2015 age-specific mortality rates, almost 60 percent of the 2015 birth cohort will live past 80, while more than 20 percent will die before 70.
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2025, your maximum benefit would be $4,018. However, if you retire at age 62 in 2025, your maximum benefit would be $2,831. If you retire at age 70 in 2025, your maximum benefit would be $5,108.