What’s the Best Age to Retire? The Real Answer May Surprise You
Have you ever wondered what the right age to retire really is? For some, it’s when the numbers finally work. For others, it’s when their health and purpose align. The truth is, retirement isn’t defined by an age when your money, health, and lifestyle all point in the same direction.
An Empower survey from 2025 found that 45% of Americans plan to retire between 60 and 69, while 20% remain undecided. A Guardian Life study placed the average retirement age closer to 62. But averages don’t tell your story. The best time to retire is when financial security, emotional readiness, and physical health all come together.
Let’s explore how to determine the right age for you.
Financial Readiness: Can Your Savings Support Your Lifestyle?
We often hear that $1 million is the magic number for retirement. But that rule of thumb can be misleading. It doesn’t account for where you live, whether you have a pension, how much debt you carry, or what your lifestyle costs. Instead, ask yourself:
- Income sources: Do you have Social Security, pensions, rental income, or investment withdrawals you can rely on?
- Stable Income Ratio: How much of your income is guaranteed versus dependent on markets? A higher ratio means greater peace of mind.
- Debt: Have you paid off high-interest or variable-rate debt? How many years remain on your mortgage?
- Withdrawal Rate: How much would you need to pull from your accounts annually and how long would that last?
The Empower survey found that even with an average of $1.5 million saved, 55% of Baby Boomers and 32% of Gen Xers still question whether they’re truly ready. The question isn’t just how much you have, but how long it will last and how stable it feels.
If your paycheck stopped tomorrow, how much of your lifestyle could your current plan sustain—without stress or sacrifice?
Emotional Readiness: Are You Ready for Life After Work?
Retirement isn’t just a financial shift—it’s a change in identity, purpose, and rhythm. In a recent episode of The Retirement Experience, we spoke with an engineer from the Idaho National Laboratory who retired without anxiety. Why? Because he didn’t tie his identity to his job. He and his wife had built a bucket list of shared experiences that gave their retirement purpose and direction.
A 2025 survey by the Financial Planning Association (FPA) revealed that while more than half of advisors believe their clients are financially ready to retire, only 11% feel emotionally prepared.
Common challenges include loss of daily structure, identity, or a sense of usefulness. Research like the Wisconsin Longitudinal Study shows that retirees with strong social ties, meaningful activities, and adaptable mindsets experience higher life satisfaction.
Ask Yourself: What would your days look like if you didn’t have to go to work anymore—but still wanted to feel productive, connected, and fulfilled?
Health Readiness: Can You Enjoy the Years You’ve Earned?
Research published in ScienceDirect shows that health and lifestyle behaviors often shift after retirement—sometimes for the better, sometimes not. Staying active, socially connected, and emotionally engaged is key. With life expectancy continuing to rise, your retirement could last 20 to 30 years or more. Health planning and long-term care readiness are essential.
Health—both physical and emotional—plays a major role in how fulfilling retirement feels. One of my clients, Cheryl, was cancer-free after a long battle with breast cancer. She wanted to retire early, afraid the cancer might return. Together, we built an income plan that allowed her to retire confidently at 60 while balancing long-term needs. She spent two years traveling extensively and visiting family before her illness returned and took her from us. It was a sobering reminder that the right retirement age isn’t always what statistics tell us.
Are you delaying retirement to save a little more at the cost of the years when you might be the healthiest and most active?
How to Find Your Best Retirement Age
There isn’t a single formula for retirement readiness, but you can use this framework to guide your decision:
- Financial Snapshot
What are your essential expenses? What guaranteed income do you have? What debts or major obligations will remain? - Emotional & Purpose Check
What will give you meaning when the workday ends? Family, hobbies, volunteering, travel or all of the above? - Health and Lifestyle Review
How is your current health? Do you anticipate future limitations or added medical expenses? - Trade-Off Evaluation
Would delaying retirement significantly improve your income or benefits? Or would it cost you valuable healthy years? - Ongoing Review
Revisit your plan annually. Markets, health, and priorities change your retirement strategy should too.
What would change for you if you knew you could retire earlier and still feel secure about your future?
Key Takeaways
- There is no universal “best age” to retire. It’s when your money, health, and purpose align.
- Most people are financially more ready than emotionally ready.
- A successful retirement plan looks beyond numbers, it focuses on how you want to live.
- Realistic health and longevity planning can help avoid regrets and maximize joy.
What to do next?
If you’re within 5–10 years of retirement, now’s the perfect time to test your readiness. Let’s map out your transition by aligning financial confidence, health considerations, and lifestyle goals. A personalized plan can help you retire when you want to, not when you have to.
References
- Financial Planning Association. Trends in Retirement Research 2025: Emotional and Financial Readiness. Financial Planning Association
- Longevity Literacy, Financial Literacy and Retirement Readiness Report. TIAA
- Guardian Life. What Is the Average Retirement Age in the U.S.? Guardian Life
- Empower / Retirement Readiness Trends. Empower
- Study on Impact of Retirement Transition on Health & Well-Being. ScienceDirect
- Research on Psychological Well-Being in Retirement (Wisconsin Longitudinal Study). PMC