Overview

• Most retirees and pre-retirees say 63 is the ideal age, yet many report savings shortfalls and fears of outliving their money, according to MassMutual’s 2024 study.
• Claiming at 62 can cut Social Security payments by roughly 30% compared with full retirement age of 67, and waiting until 70 delivers the maximum monthly benefit.
• The average U.S. retirement age is 62, reflecting pressures such as health issues, caregiving responsibilities and layoffs, NCHstats reports.
• Medicare eligibility starts at 65, so leaving work earlier can mean higher private insurance costs before coverage begins.
• Longevity is a key factor, with U.S. life expectancy at 78.4 in 2023, according to the Centers for Disease Control and Prevention.