Retirement Ages in America Remain Fuzzy

Four key milestones define when Americans can and should retire, but the 'normal' age keeps shifting.

Apr. 4, 2026 at 9:03am

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An extreme close-up of the gears, levers, and mechanisms of a large industrial banking machine, conveying the intricate, shifting nature of retirement planning and Social Security benefits in the modern era.As traditional retirement milestones continue to evolve, the machinery of America's financial system grows ever more complex.Boston Today

The traditional retirement age of 65 is no longer the norm, as Americans now have a range of options for when to claim Social Security and Medicare benefits. Surveys show the average retirement age is around 62, but the 'full' Social Security retirement age is now 67 for those born in 1960 or later. Waiting until age 70 to claim Social Security maximizes monthly benefits, though the concept of a single 'retirement age' has become increasingly ill-defined.

Why it matters

With the traditional retirement age of 65 no longer the standard, Americans face a complex web of options and tradeoffs when deciding when to leave the workforce. This uncertainty can make financial planning and healthcare coverage difficult to navigate, especially as Social Security faces potential future changes to shore up its long-term solvency.

The details

While 65 used to be viewed as the 'normal' retirement age, changes to Social Security and the decline of traditional pensions have shifted that expectation. Today, the average American retires at 62, though the 'full' Social Security retirement age is 67 for those born in 1960 or later. Waiting until 70 to claim Social Security maximizes monthly benefits, but many still opt to take it earlier. Eligibility for Medicare at 65 remains an important milestone for retirement planning.

  • In 1983, Congress passed legislation gradually raising the full Social Security retirement age to 67.
  • Between 1994 and 2024, the typical retirement age rose by about three years for both men and women.
  • In 2024, the average American claimed Social Security at age 65.
  • Social Security is projected to run short of funds by 2032, which could lead to further changes to the 'normal' retirement age.

The players

Andrew Biggs

A senior fellow at the American Enterprise Institute who says there is no single 'retirement age' anymore.

Catherine Collinson

CEO of the Transamerica Center for Retirement Studies, which conducts an annual survey on retirement trends.

Alicia Munnell

A senior adviser at the Center for Retirement Research at Boston College who has studied the rise in average retirement ages.

Laurence Kotlikoff

A Boston University economist who has analyzed the financial tradeoffs of claiming Social Security at different ages.

Craig Copeland

Director of wealth benefits research at the Employee Benefit Research Institute, which runs an annual Retirement Confidence Survey.

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What they’re saying

“There isn't a retirement age. It's not that there's a retirement age sitting out there and we haven't discovered it. It's just that it's an ill-defined concept.”

— Andrew Biggs, Senior Fellow, American Enterprise Institute

“From a public policy perspective, I don't anticipate these retirement milestones being synced up anytime soon.”

— Catherine Collinson, CEO, Transamerica Center for Retirement Studies

“It's been 62 for over 10 years.”

— Craig Copeland, Director of Wealth Benefits Research, Employee Benefit Research Institute

“Social Security's Real Retirement Age Is 70.”

— Alicia Munnell

What’s next

Policy experts have floated proposals to raise the 'full' Social Security retirement age past 67 in order to shore up the program's long-term solvency. If such changes are implemented, Americans may have yet another 'normal' retirement age to consider.

The takeaway

The concept of a single 'retirement age' has become increasingly fuzzy, with Americans facing a range of options and tradeoffs when deciding when to leave the workforce. This uncertainty underscores the need for clear, flexible financial planning as traditional retirement milestones continue to evolve.