Overview
- New data show many Americans leave work before 65, with average retirement ages of 64.6 for men and 62.6 for women and only about 45% of women reaching 65, according to the Center for Retirement Research via Investopedia.
- Claiming Social Security at 62 can reduce monthly payments by up to 30% versus waiting until full retirement age, the Social Security Administration warns.
- Waiting past full retirement age can boost benefits through delayed retirement credits up to age 70, increasing the baseline for future inflation adjustments, experts note.
- Leaving the workforce before 65 can create a costly health insurance gap because Medicare eligibility starts at 65, making private coverage a key consideration for early retirees.
- Recent reports emphasize individualized planning with practical checklists and note a growing cohort working longer due to finances and purpose, reflecting shifting retirement patterns.