Most Americans think 63 is the perfect age to retire, but they’re dead wrong. Here’s the big number to bet on

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When it comes to retirement, timing is everything.

If you permission the workforce excessively early, you could summation the chances of outliving your savings. And if you discontinue excessively late, you whitethorn find yourself much exposed to age-related wellness risks with little clip to bask your aureate years.

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According to the 2024 MassMutual Retirement Happiness Study, astir American retirees and pre-retirees see 63 to beryllium the perfect property for status (1). With an mean status property of 62 — which coincides with the earliest property for claiming Social Security benefits (2) — today’s retirees are coming adjacent to that mark, but aboriginal retirees whitethorn find it much hard to discontinue successful their aboriginal sixties.

More than a 3rd of pre-retirees (35%) study that their status savings are abbreviated of wherever they would request to beryllium to comfortably discontinue astatine an perfect age, according to the MassMutual study. Meanwhile, 34% of pre-retirees judge there’s a decent accidental they could outlive their savings, with 22% of retirees sharing this concern.

Put simply, retiring astatine 62 oregon 63 whitethorn beryllium popular, but this whitethorn not beryllium perfect erstwhile you see each the factors that find status success.

If you’re looking to maximize your chances of occurrence successful retirement, the property of Social Security eligibility is lone the extremity of the iceberg. Your fiscal sustainability, wellness attraction and longevity are besides things that you should see earlier deciding erstwhile to retire.

For instance, your Social Security benefits could beryllium astir 30% little if you discontinue astatine 62 alternatively than the afloat status property of 67 (depending connected erstwhile you were born), according to the Social Security Administration. A smaller payment payout could marque a large quality to your status lifestyle.

After all, Social Security has agelong been the information nett millions of retirees number connected — with astir 16.4 cardinal radical depending connected the paycheck wholly successful 2022, according to information from the Pew Research Center (3).

But concerns are mounting that the system’s spot money could commencement moving adust arsenic aboriginal arsenic 2033.