What Is The Official Retirement Age In The United States


Prohibition Of Age Discrimination


Employer practices It shall be unlawful for an employer-

to fail or refuse to hire or to discharge any individual or otherwise discriminate against any individual with respect to his compensation, terms, conditions, or privileges of employment, because of such individual’s age

to limit, segregate, or classify his employees in any way which would deprive or tend to deprive any individual of employment opportunities or otherwise adversely affect his status as an employee, because of such individual’s age or

to reduce the wage rate of any employee in order to comply with this chapter.

It shall be unlawful for an employment agency to fail or refuse to refer for employment, or otherÂwise to discriminate against, any individual because of such individual’s age, or to classify or refer for employment any individual on the basis of such individual’s age.

Labor organization practices It shall be unlawful for a labor organization-

Lawful practices age an occupational qualification other reasonable factors laws of foreign workplace seniority system employee benefit plans discharge or discipline for good cause It shall not be unlawful for an employer, employment agency, or labor organization-

Practices of foreign corporations controlled by American employers foreign employers not controlled by American employers factors determining control

Employment as firefighter or law enforcement officer

Seniority system or employee benefit plan compliance

Social Security And Medicare Retirement Ages

Many people have to rely on their Social Security benefits as a primary source of retirement income. To retire comfortably, you can plan to use your Social Security benefit as a supplemental retirement income source. However, you have to wait until you’re 66 or 67 to receive the full amount, depending on your birth year. The Social Security Administration uses a person’s age and date of birth to determine the amount of Social Security retirement benefit they will receive. The SSA calls this age the “full retirement age” , which represents the age at which you can take your benefits and receive 100% of them. If you take them earlier, you’ll receive less, and if you take them later, you’ll receive more.

Your birth year determines your FRA. The chart below shows the ages, birth year, and age you need to be in order to receive your full retirement benefit.

Social Security Benefit Birth Year
Birth Year
1960 and later 67 years

If you retire before your FRA, you’ll receive a reduced benefit that will be your permanent benefit amount.

If you retire before age 65, you’ll need to have a healthcare plan in place until you are eligible to enroll in Medicare. The SSA requires that you register three months before you turn 65. Otherwise, there can be a delay, and you may be subject to a late-enrollment penalty.

How Long Will You Live In Retirement

Based on current estimates, a 65 year old man can expect to live approximately 18 years in retirement, and a 65 year old woman can expect to live about 20 years, but many people live longer. Planning to live well into your 90s can help you avoid outliving your income.

The worksheet takes into account some factors that impact your retirement savings. First, investing – because it involves risk. Second, inflation – because todays dollars will usually buy less each year as the cost of living rises. Your target savings rate includes any contributions your employer makes to a retirement savings plan for you, such as an employer matching contribution. If, for example, you are in a 401 plan in which you contribute 4 percent of your salary and your employer also contributes 4 percent, your saving rate would be 8 percent of your salary.

If you are not currently saving this amount, dont be discouraged. The important thing is to start saving even a small amount and increase that amount when you can. Come back and update this worksheet from time to time to reflect changes and track your progress.

Here are a few tips on how to save smart for retirement:

To track other resources you may have in retirement, start by getting your Social Security statement and an estimate of your retirement benefits on the Social Security Administrations website, www.socialsecurity.gov/mystatement.

Get started today for a secure financial future!

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How Does Working After Full Retirement Age Affect My Benefits

Continuing to work past your full retirement age, whether or not you take benefits, can potentially increase your future benefits. Thats because the Social Security administration calculates your primary insurance amount based upon your 35 highest-earning years and uses zeros for the calculation if you have worked fewer than 35 years.

Working longer replaces each of those zeroes, or even lower earning years if you have no zeros, which boosts your PIA. Its also important to note that lower-earning years after retirement will not affect your benefits since Social Security uses whichever 35 years are your highest earning.

Education And Research Program Recommendation To Congress

Retirement Savings by Age: Averages, Medians, Percentile ...

SEC. 622.

The EEOC shall undertake studies and provide information to labor unions, management, and the general public concerning the needs and abilities of older workers, and their potentials for continued employment and contribution to the economy. In order to achieve the purposes of this chapter, the EEOC shall carry on a continuing program of education and information, under which he may, among other measures-

undertake research, and promote research, with a view to reducing barriers to the employment of older persons, and the promotion of measures for utilizing their skills

publish and otherwise make available to employers, professional societies, the various media of communication, and other interested persons the findings of studies and other materials for the promotion of employment

foster through the public employment service system and through cooperative effort the development of facilities of public and private agencies for expanding the opportunities and potentials of older persons

sponsor and assist State and community informational and educational programs.

Not later than six months after the effective date of this chapter, the Secretary shall recommend to the Congress any measures he may deem desirable to change the lower or upper age limits set forth in section 631 of this title .

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What Is My State Pension Age

Check your State Pension age

To work out your State Pension age, use the State Pension calculator on the GOV.UK website

A State Pension forecast will also tell you this.

The State Pension age is the earliest you can claim your State Pension. Your State Pension age depends on when you were born.

There are some changes to the State Pension age at the moment. For people reaching State Pension age now, it will be age 66 for women and men.

For those born after 5 April 1960, there will be a phased increase in State Pension age to 67, and eventually 68.

It’s important not to confuse the State Pension age with your retirement age. Retirement age is the age you retire and it can vary a lot depending on your financial situation.

Full Retirement Age Vs Early Retirement Age

While understanding your full retirement age is a key part of the puzzle, its different from when you may start claiming Social Security benefits. Thats your early retirement age, which is 62 regardless of what year you were born. And while all Americans may start receiving benefits when they turn 62, doing so will decrease the amount of each monthly payment.

Heres a bit of the Social Security Administrations official jargon, which is essential for getting a complete picture of your benefits. Full retirement age is how old you must be to receive your full primary insurance amount , or the base-rate Social Security benefit youre eligible for given your lifetime earnings history.

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How Do You Qualify For It

For anyone reaching State Pension age after 6 April 2016, you need to have at least ten years National Insurance contributions or credits to qualify to claim your State Pension. You need to have paid or been credited with 35 years of National Insurance contributions to receive the full State Pension amount.

Each year gives 1/35th of the full amount, for example:

  • 35 years gives 35/35 x £179.60 = £179.60 a week
  • 30 years gives 30/35 x £179.60 = £153.94 a week
  • 10 years gives 10/35 x £179.60 = £51.31 a week.

The State Pension is different from Pension Credit.

Pension Credit is a means-tested State benefit. It tops your income up to £177.10 a week for a single person or £270.30 for a couple, where its below these figures .

Find out more in our guide Pension Credit

What Is The State Retirement Age In Ireland

Oldest US Senate in history sparks conversation about age limits

People are living longer and healthier lives, which is great news. Not only does it mean that people are extending their working careers, but it also sees them enjoying more time in retirement too. But how old do you need to be in order to qualify for the Irish State pension?

The State retirement age in Ireland in 2021 is 66 years. The State pension age was set to rise to 67 in 2021 before the government reversed the change. If relying on the State pension, a person must be 66 years of age in order to qualify. However, the age of retirement is set to increase over the next few decades. By 2028 it could be 68 years of age.

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Average Retirement Age In The United States

The average retirement age in the United States among currently living retirees was 59.88 years old. The median living retiree left work at 62 years old, and the most common age to retire was 62 years old. 18.7% of retirees retired at age 62, and a whopping 63.1% retired between the ages of 57 and 66.

62 is currently the minimum age to collect Social Security in the United States while 66 is considered “full retirement age”.

Next, we’ll show the average retirement age for men and the average retirement age for women and alternative retirement age measures. Data for this post comes from the 2017 Survey of Household Economics and Decisionmaking from the Federal Reserve.

How Can I Claim My State Pension

You wont get your State Pension automatically – you have to claim it.

You should get a letter no later than two months before you reach State Pension age, telling you what to do. If you dont get a letter, you can still make a claim.

There are various ways to claim:

  • Contact the Pension Service
  • You can complete a State Pension claim form from the GOV.UK website You can then send it to your local pension centre, which you find on the GOV.UK website
  • If you live in Northern Ireland, you can claim your State Pension on the nidirect website
  • If you live abroad, you can either contact the International Pension Centre on or return form IPC BR1 to the International Pension Centre. The form is on the GOV.UK website and the return address is on the cover. You can also use this link if youre already getting your State Pension and want to report a change of circumstances.

If you want to change the bank account your State Pension is paid into, contact the Pension Service on . If you live abroad, contact the International Pension Centre on +44 19 1218 7777. Both numbers are available Monday to Friday, 9.30am to 3.30pm UK time.

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Before You Make Your Decision

There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be reduced. Each person’s situation is different. It is important to remember:

  • If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit.
  • That there are other things to consider when making the decision about when to begin receiving your retirement benefits.


What Rules Apply At Which Age

Average Retirement Age in the United States

This retirement age timeline tells you what retirement planning events are triggered at specific ages, and what you need to do as you near each age. The key ages are 55, 59 1/2, 62, 65, 70, 70 1/2, and 75. Before you choose your retirement age you will need to become familiar with the rules. There are action items you’ll want to take as you near each age.

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Recordkeeping Investigation And Enforcement

SEC. 626.

Attendance of witnesses investigations, inspections, records, and homework regulations

The Equal Employment Opportunity Commission shall have the power to make investigations and require the keeping of records necessary or appropriate for the administration of this chapter in accordance with the powers and procedures provided in sections 209 and 211 of this title .

Enforcement prohibition of age discrimination under fair labor standards unpaid minimum wages and unpaid overtime compensation liquidated damages judicial relief conciliation, conference, and persuasion

Civil actions persons aggrieved jurisdiction judicial relief termination of individual action upon commencement of action by Commission jury trial

Any person aggrieved may bring a civil action in any court of competent jurisdiction for such legal or equitable relief as will effectuate the purposes of this chapter: Provided, That the right of any person to bring such action shall terminate upon the commencement of an action by the Equal Employment Opportunity Commission to enforce the right of such employee under this chapter.

In an action brought under paragraph , a person shall be entitled to a trial by jury of any issue of fact in any such action for recovery of amounts owing as a result of a violation of this chapter, regardless of whether equitable relief is sought by any party in such action.

Filing of charge with Commission timeliness conciliation, conference, and persuasion


Retirement Age By Country And Region

External image
Life expectancy vs. Retirement age for men in European countries on a map

Many of the countries listed in the table below are in the process of reforming the ages . The ages in the table show when an individual retires if they retire/have retired in the year given in the table the trend in some countries is that in the future the age will increase gradually , therefore one’s year of birth determines when one has the age of retirement .

The average of statutory retirement age in the 34 countries of the Organisation for Economic Co-operation and Development in 2014 was males 65 years and females 63.5 years, but the tendency all over the world is to increase the retirement age. This is also reflected by the findings that just over half the Asian investors surveyed region-wide said they agreed with raising the retirement age, with a quarter disagreeing and the remainder undecided.

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Federal Insurance For Private Pensions

If your company runs into financial problems, you’re likely to still get your pension.

What Age Did People Retire Recently

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Although people in poor health may die within a year or two of retirement, one screen that helps is to look at people who retired in the last 1-2 years*.

Of retirees who responded with a retirement age, around 9.2% retired recently. .

This population had an average retirement age of 62.66. Median retirement age was 63. The most common retirement age for recent retirees was 65.

*We can’t give an exact timeframe. Due to survey timing and whole number ages these folks may have retired up to 1 day under 2 years ago. This introduces bias due to birth month matched with survey timing – but it is unarguably a better population for some questions than ‘all retirees’.

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How Is It Paid

Its usually paid every four weeks in arrears. State Pension is taxable but paid before any tax is taken.

This means that although tax isnt deducted from the State Pension, it will use up some of your tax-free personal allowance.

In 2021/22, the standard tax-free personal allowance is £12,570. This means that if you receive the full new State Pension, youll have £12,570 – £9,339.20 = £3,230.80 of your personal allowance remaining for other taxable income. Examples of other taxable income include from employment or a private or occupational pension.

What Age Did Healthy People Retire

Although poor health isn’t the only factor that can force retirement, it was a big factor. Of living retirees, 34.7% reported that their health was very or somewhat important for retiring.

Taking only retirees who reported health as Not Important to their decision, 62 was the most common retirement age. The average retirement age was 60.69, and the median retirement age was 62.

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How 65 Became The Default Retirement Age

For decades, 65 has been the goalpost most everyone in the labor force worked toward for retirement. But why 65? The answer isn’t clear-cut but it is an interesting story with cameos from colorful politicians ranging from the Iron Chancellor to the Kingfish.

Sixty-five is the age most commonly associated with retirement largely because it’s when Social Security contributions have historically been distributed, when federal Medicare health care coverage begins, and when many private pension plans begin paying benefits.

There’s also no single reason why 65 was selected as the age to begin distributing payments when President Franklin D. Roosevelt signed the Social Security Act on Aug. 14, 1935, said Edward Berkowitz, a history professor at George Washington University who specializes in the history of Social Security.

“It was somewhat arbitrary,” he said. American planners looked to examples of other social insurance programs in countries like Germany, but they were also influenced by the intense public pressure at the time to lessen the economic hardships brought on by the Great Depression, he said.

Germany was the first country to adopt a national pension program when Chancellor Otto von Bismarck the Iron Chancellor pushed for one in 1889.

The German system initially was intended for those 70 and older, but the starting age was later lowered to 65, according to the Social Security Administration’s historians.

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