Here’s why you should seriously think about retiring at 55, even if you’ve planned for 62 (you can actually save money)
The average retirement age in the U.S. is 62, according to the 2024 MassMutual Retirement Happiness Study. (1)
That’s not a coincidence, but a side effect of bureaucracy. Sixty-two happens to be the earliest age a person is eligible to claim Social Security benefits.
Delaying retirement would maximize the size of these benefit checks, although it seems most Americans are keen to quit work as soon as they qualify to receive their first payout.
Most of the time, people are urged to hold off for as long as possible. However, there’s also an argument that quitting earlier could be the best choice for many workers.
Retiring at age 55 could have a positive impact on your quality of life and potentially even save you money. Here’s why.
Early retirement is a dream scenario for many Americans. Nearly one in five (18%) of adults surveyed by YouGov in 2024 said they would like to retire at or before they turn 55. (2)
It’s understandable why people would want to quit work in their mid-50s. At this age, you’re likely to be an empty-nester, perhaps with a relatively small or fully paid-off mortgage.
You also probably have much of the physical and mental energy needed to enjoy your retirement fully. Climbing Machu Picchu is a lot more fun in your 50s rather than your 60s.
There’s also data supporting the case for an early retirement. Life expectancy in the U.S. is 78.4 years, according to the Centers for Disease Control and Prevention (3), but the average healthy lifespan in the country is just 63.9 years, according to the World Health Organization. (4) Retiring at 55 instead of 62 gives you seven additional years of good health to enjoy.
Why waste those seven additional years working when you could spend them doing something you love?
Unfortunately, many Americans delay retirement not because they want to but because they have to. Anxiety about savings and income in retirement keeps many people in the workforce longer than they’d like.
But quitting work at 55 could potentially save you money if you plan appropriately.
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Although it’s difficult to quantify precisely, it’s likely that avoiding seven extra years of work-related stress could reduce your medical expenses later in life.
