What Is the Retirement Age?
In plain English
Retirement age refers to the age at which someone stops working and begins living on retirement income. For Social Security purposes, the key ages are 62 (earliest claiming), full retirement age (FRA) of 66–67 depending on birth year, and 70 (maximum benefit). Medicare eligibility begins at 65 regardless of when you claim Social Security.
What Is the Full Retirement Age for Social Security?
Full Retirement Age (FRA) is the age at which you receive your full Social Security benefit without reduction. For those born in 1954 or earlier, FRA is 66. For those born 1955–1959, it gradually increases. Anyone born in 1960 or later has an FRA of 67. Claiming before FRA permanently reduces your benefit; claiming after FRA increases it by 8% per year up to age 70.
What Are the Key Ages for Retirement Planning?
Age 50: catch-up contributions begin. Age 55: penalty-free 401(k) withdrawals if you leave your job. Age 59½: penalty-free IRA and 401(k) withdrawals. Age 62: earliest Social Security claiming age (reduced benefit). Age 65: Medicare eligibility. Age 66–67: Social Security full retirement age. Age 70: maximum Social Security benefit; no further increases from delaying. Age 73: required minimum distributions begin.
Does Retiring Earlier Mean a Smaller Social Security Benefit?
Yes. Claiming Social Security before your FRA permanently reduces your monthly benefit. At 62, you receive as little as 70% of your full benefit. At 65, you receive roughly 86–93% depending on your FRA. At FRA, you receive 100%. Every year you delay past FRA adds 8%, capping at 124% of your FRA benefit if you claim at 70. The breakeven point for delaying is typically in your early 80s.
Frequently asked questions
Is 65 still the standard retirement age?
65 remains culturally associated with retirement and marks Medicare eligibility, but it is no longer the Social Security full retirement age for those born after 1954. The average actual retirement age in the U.S. has been rising, with many working into their late 60s. Your optimal retirement age is personal and depends on health, finances, and life goals.
Can I retire before 65 and get healthcare coverage?
Yes, but you'll need to arrange coverage independently since Medicare doesn't begin until 65. Options include a spouse's employer plan, COBRA continuation coverage (expensive), Affordable Care Act marketplace plans, or part-time work with benefits. Healthcare cost is one of the biggest financial challenges of early retirement.
Keep exploring
Related terms
Social Security
Social Security is a federal program that provides retirement, disability, and survivor benefits funded by payroll taxes paid throughout your working years.
Social Security Benefits
Social Security benefits provide monthly income in retirement based on your lifetime earnings record, with the amount determined by when you claim and how much you earned.
Early Retirement
Early retirement means leaving the workforce before the traditional retirement age of 65, requiring substantial savings, careful planning, and strategies to bridge income gaps.
Required Minimum Distribution (RMD)
A required minimum distribution (RMD) is the minimum amount the IRS requires you to withdraw annually from most retirement accounts starting at age 73.
Retirement Income
Retirement income is the money you receive during retirement from sources such as Social Security, pensions, investment withdrawals, and part-time work.