A recent survey conducted by the Pew Research Center in 2025 has revealed an interesting insight into Americans' perceptions of retirement. The survey suggests that the majority of Americans believe that the optimum age to retire is approximately 61.8 years. However, this is notably earlier than the age when most individuals are eligible for full government benefits such as Medicare and Social Security.
Observations reveal that although many Americans wish to bid farewell to their careers in their early 60s, various factors such as financial stress and the time it takes to start receiving Medicare and Social Security benefits tend to prolong their working tenure. Recognizing the gap between anticipated retirement age and the real-world scenario can facilitate the development of a more robust retirement strategy.
The Pew survey discovered that roughly 26% of participants felt that the ideal age to retire was anywhere between 65 and 69 years, whereas 15% proposed an age range between 60 and 64 years. Intriguingly, a smaller percentage (just 6%) felt that 70 or older was the perfect age to retire, and a significant one-third of respondents stated that there is no single best age to retire.
Internationally, variations were observed in the ideal retirement age, with the average ideal age being 58 in 18 other countries that were part of the survey. A common pattern emerged in these non-U.S. countries where people believe the best age to marry and have a child is around 26, buy a house at approximately 30 and retire around 58.
In reality, the timeline for retirement often deviates from these aspirations, influenced by factors such as health, financial stability, and access to government benefits. The Pew survey further throws light on this trend, indicating that there has been an increase in the number of Americans working beyond the age of 65 in recent times.
Healthcare and government benefits greatly influence the actual age of retirement. Medicare eligibility begins at 65, and full benefits from Social Security start between the ages of 66 and 67, depending on one's birth year. Evidently, choosing to commence Social Security benefits as early as 62 would result in reduced monthly payments.
Ensuring financial stability and planning for private insurance becomes critical for those looking to retire before 65. Diverse factors like political affiliation, age, income level, and significance placed on religion create variations in the perceived best age for different milestones. Consequently, your ideal retirement age would be a function of your income availability, healthcare requirements, and long-term goals.
Keeping flexibility in retirement goals, particularly after reaching 65, allows for better financial protection and greater adaptability as personal needs shift over time.