What Is the Average Retirement Age in the U.S.?

Despite wages increasing and retirement plans becoming more accessible than ever, the average retirement age has hardly moved over the past 60 years. For men, the average age of retirement is 65, essentially unchanged over six decades. For women, the average retirement age has increased from 53 to 63.

There are some worrisome signs, however. Currently, 13% of workers don't think they'll ever retire, and the share of Americans aged 60 or older who have retired has decreased over the past two decades.

These shifting patterns highlight the need for strategic retirement planning and the use of retirement accounts and other tools to help individuals stay on track for retirement, whenever that day may come.

The average retirement age: 65 for men, 63 for women

The average retirement age is 65 for men and 63 for women, according to the Center for Retirement Research at Boston College.

For men, the average retirement age has wavered by only a few years since 1962.

For women, however, the average retirement age has increased by 10 years, likely due to more women entering and remaining in the workforce as well as changes to retirement accounts and Social Security benefits that incentivize later retirement.

Percentage of Americans retired by age

While many dream of retiring before 65, few actually do. Just 32% of Americans aged 60 to 64 were retired between 2016 and 2022, according to Gallup. That drops to 11% for those aged 55 to 59 and below 10% for younger Americans.

While retiring at 65 has long been expected, only 70% of Americans aged 65 to 69 are retired. That share grows to 83% of those 70 to 74 and 88% of those 75 and older.

The percentage of Americans retired across all groups has decreased since 2002, according to Gallup data. More Americans working later in life suggests many are struggling to save for retirement at a pace needed to keep up with rising costs.

At what age do Americans expect to retire?

Today, 34% of workers plan to retire after 65, and another 13% have no plans to retire at all, according to a 2025 survey from the Transamerica Center for Retirement Studies. While 23% think they'll retire at 65, 29% are optimistic that they'll retire before 65.

Retirement expectations grow more pessimistic with age. Among Gen Z, 42% believe they'll retire before 65, and 22% think they'll retire at 65. Just 24% think they'll retire later than that. Millennials are similarly hopeful: 36% expect to retire before 65, and 25% expect to retire at 65.

Older generations are more sanguine about their expected retirement age. For instance, 37% of Gen X don't think they'll retire before 65, and 15% don't think they'll ever retire. Baby boomers are even less optimistic -- 64% see themselves retiring after 65, and like Gen X, 15% don't think retirement is on the table at all.

Why do early retirement expectations erode as workers age? Younger workers may underestimate retirement costs. Housing, healthcare, and the overall cost of living have continued to increase. Gen Z and millennials may also overestimate their ability to save for retirement, particularly if they face unexpected life events such as prolonged unemployment, medical expenses, or other issues.

Additionally, older workers are often incentivized to delay retirement and keep working to reach full retirement age, get the most out of their Social Security benefits, and stay off Medicare.

Retiring on your terms

The average retirement age over the last 60 years hasn't moved much for men, but it has risen for women. Fewer people are retiring in their 60s than two decades ago, and at least 10% of each generation now thinks they won't ever retire.

For those planning beyond age 65, a clear retirement strategy is critical to make the most of their years after work.