Although the “full retirement age” for Social Security benefits is 67, many Americans are choosing to retire earlier. A look at the average retirement age in each of the 50 states and the District of Columbia shows the typical retiree is deciding to leave work at age 64.
According to Money Talk News, deciding to retire before full Social Security benefits are available depends upon what people anticipate for their annual cost of a comfortable retirement and how much savings might be needed.
Lower average retirement ages across many of the states in the South and Midwest indicate their lower annual costs may encourage people to begin enjoying retired life sooner. The highest average ages are found in D.C. (67), Hawaii, Massachusetts and South Dakota (all 66), while the lowest average age (61) for leaving work is in Alaska and West Virginia.
Council of Seniors Works To Save the Money Seniors Earned
When retiring early, additional money in your pocket makes it easier. Through the work we do here at Council of Seniors, we’re pushing Congress to pass The SAVE Benefits Act. To make up for the Social Security cost of living adjustment (COLA) that hasn’t kept up with inflation, once passed, this bill will reimburse seniors $581.
Your help is needed, so please sign our petition. We must show politicians in Congress and throughout Washington how many people support this bill.
Are you thinking about an early retirement, and where you might go? Leave us a comment and let us know.