When it comes to retirement, timing is everything. If you leave the workforce too early, you could increase the chances of outliving your savings. And if you retire too late, you may find yourself more exposed to age-related health risks with less time to enjoy your golden years. Must Read According to the 2024 MassMutual Retirement Happiness Study, most American retirees and pre-retirees consider 63 to be the ideal age for retirement [1]. With an average retirement age of 62 — which coincides with th ...

The retirement age in the U.S. — the age at which you become eligible for retirement benefits — is 62 for Social Security and 59½ for penalty-free withdrawals from 401(k) and IRA accounts. That was easy, right? Well, not so fast. Like many things related to retirement, understanding your eligibility for benefits and deciding when it makes sense to start claiming them isn’t quite that simple. But don’t worry; in this article, we’ll help you figure out your retirement age and how to maximize your benefits ...