What is the Average Retirement Age?

The average retirement age isn't the same as normal retirement age

. The normal age for retirement in the United States dictates at which age a person is eligible to get the full benefits of his or her Social Security. Average retirement age is just one of the major factors you need to consider when planning your retirement finances.

Average retirement age depends on the person's demographic, and is influenced by a great number of factors, and differs between men and women. The average age of retirement also differs based on income bracket, area of residence, occupation, and race. Private company employees and those who work in the government also vary in average retirement age.

Finding out the average retirement age can help you determine how much of a nest egg you need to build before your retire so you can live out your retirement comfortably and lower the risk of your nest egg's depletion. If your demographic has an average age of retirement of 55 years, and you expect to live up to the age of 80, you'll need to have enough money to last you a minimum of 20 years of retirement life. You'll also need to tweak your retirement plans further if you plan to retire before or beyond your demographic's average age of retirement.

Knowing the average retirement age that applies to you can also help you find out how much you're going to be getting as proceeds from your retirement account. If your line of work has an average retirement age of 60, and the age of retirement benefit eligibility is 65, retiring at the average age requires that you find means of income to support yourself until you get your retirement benefits.

Finding out the average retirement age for your demographic or occupation can enable you to plan your finances for retirement, especially if there's a gap between your retirement age and the age of eligibility for your retirement benefits, or if you wish to retire later or earlier than average. Contact your financial planner to find out how you can plan and strengthen your retirement finances in these cases.

What is the Average Retirement Age?

By: Carina Smith

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