Average Retirement Age in the United States

Personal Circumstances

The retirement age varies based on personal circumstances. In states with a higher cost of living, such as Hawaii, California, and New York, you may not be able to retire early or at the age you desire, as you need to save more money to sustain yourself in these areas.

Social Security and Healthcare

Many people rely on Social Security benefits as a primary source of retirement income. To retire comfortably, you can plan to use Social Security benefits as a supplemental source of retirement income. However, you should wait until you are 66 or 67 years old to receive the full amount, depending on your birth year. The Social Security Administration (SSA) uses a person’s age and birth date to determine the amount of Social Security retirement benefits they will receive. The agency refers to this age as “full retirement age,” which is the age at which you can start receiving your benefits and get 100% of them.

Retirement Planning

It is essential to start planning for retirement well in advance of your planned retirement date; you should build cash reserves and develop projections based on different ages for starting to receive Social Security. Then, determine the amount you will need to spend each year of your retirement. Depending on how you plan and prepare, you could spend between 10 and 40 years in retirement. Some expenses to consider include: housing, utilities, food, healthcare costs, children’s college savings, entertainment and travel goals, maintenance and replacement costs for homes and vehicles, emergencies, taxes, spending on grandchildren, and leaving money for family.

Can I Retire Early?

Although the decision to retire early can be wise if you have planned for it and can afford it financially. Knowing how much you need and when you can collect your benefits and saving for retirement can help you achieve your goal of retiring early.

Frequently Asked Questions (FAQs)

– What is the age for early retirement?
– How much money should you have saved for retirement by age?

Source: https://www.thebalancemoney.com/average-retirement-age-in-the-united-states-2388864

.lwrp .lwrp-list-row-container{
display: flex;
justify-content: space-between;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: calc(12% – 20px);
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){

}
.lwrp .lwrp-list-item img{
max-width: 100%;
height: auto;
object-fit: cover;
aspect-ratio: 1 / 1;
}
.lwrp .lwrp-list-item.lwrp-empty-list-item{
background: initial !important;
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{

}@media screen and (max-width: 480px) {
.lwrp.link-whisper-related-posts{

}
.lwrp .lwrp-title{

}.lwrp .lwrp-description{

}
.lwrp .lwrp-list-multi-container{
flex-direction: column;
}
.lwrp .lwrp-list-multi-container ul.lwrp-list{
margin-top: 0px;
margin-bottom: 0px;
padding-top: 0px;
padding-bottom: 0px;
}
.lwrp .lwrp-list-double,
.lwrp .lwrp-list-triple{
width: 100%;
}
.lwrp .lwrp-list-row-container{
justify-content: initial;
flex-direction: column;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: 100%;
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){

}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{

};
}