The age at which a person can retire depends on multiple factors including their country, social security benefits, personal savings, and desired retirement lifestyle. In the United States:
- The earliest age to start receiving Social Security retirement benefits is 62, but benefits are reduced if taken before full retirement age.
- Full retirement age (FRA) is generally 66 or 67 depending on birth year, at which full Social Security benefits can be claimed.
- Delaying retirement beyond FRA up to age 70 can increase benefits.
- The average retirement age is about 64 for men and 62 for women.
- Retirement decisions also depend on savings, investments, and expected expenses in retirement.
To estimate a personal retirement age, one should consider current age, savings, monthly investment amount, expected return on investment, and desired amount at retirement. Online retirement calculators can help determine an estimated retirement age based on these inputs. For other countries, retirement ages vary and may depend on state pension eligibility and other rules. For example, in the UK the state pension age is currently 66 and is gradually rising. In Sweden, there is no fixed retirement age but you cannot start receiving the national public pension before age 63. A more precise answer about when someone can retire requires personal financial information and local rules knowledge, but typical ages to start receiving public retirement benefits range from early 60s to late 60s depending on the country and program.
