Retirement Retirement Planning

Here's the Best Retirement Age According to Financial Advisors

Retiring earlier than this may be a mistake.

By Catherine Collins , Edited by Laura Hohenstein

Updated Sept. 22, 2026

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Many people wonder what the best retirement age is. After all, many workers want to balance having enough money to live comfortably during their golden years while still having enough time to enjoy it. Though people can start taking Social Security benefits as early as 62, the sweet spot for having more money in your pocket when living on Social Security may be closer to age 67.

Here are a few more reasons why retiring at age 67 can be helpful financially.

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You'll get a larger Social Security check for life

If you're born after 1960, your full retirement age is 67 in terms of Social Security benefits. If you take Social Security before then, you'll have reduced benefits for life. However, for every year you delay Social Security, you end up with a larger check.

Currently, the average Social Security check is just over $2,000 a month. So, if you want more Social Security income, delaying retirement to age 67 or even 70 instead of taking Social Security at 62 means that you could have hundreds or thousands of dollars extra per year to live on in retirement.

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You won't have to pay for a healthcare coverage gap

When people retire early before they are eligible for Medicare, they have to pay for their own health insurance until age 65. However, if you retire at 67, you already have Medicare coverage, so you don't have to worry about paying for expensive gap policies or making sure you have enough savings to cover your health care and bills until Medicare kicks in.

Health insurance can be a significant expense in retirement, even with Medicare coverage. To make sure you're fully prepared, remember that even if you have Medicare, you may still have to pay for premiums, copays, and deductibles among other healthcare costs depending on your income.

Your retirement account can compound more

If you wait extra years to retire until age 67, your retirement account has more time to grow and compound. It also means that you can delay your withdrawal strategy and leave your money in your accounts longer.

This is especially helpful for those who are not sure whether they have enough saved for retirement and would feel more comfortable retiring with a larger nest egg. Financial experts from Fidelity recommend that you have ten times your income saved by age 67.

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You'll get more years to contribute to your retirement accounts

Not only does your retirement account have more time to compound if you wait until 67 to retire, but you get more years to contribute to your accounts. Even adding a small amount each year for the extra years you work could grow and support you during your later years in retirement.

Plus, if your employer offers a 401(k) match, you could get several more years of extra retirement income from taking advantage of that benefit.

You can take advantage of super catch-up contributions

If you retire early, you may miss out on super catch-up contributions. These are contributions that are only for workers aged 60 to 63, meant to be one of the last opportunities to top up your retirement accounts. Workers between the ages of 60 and 63 can contribute an extra $11,250 on top of the $24,500 that is the 401(k) maximum. That adds up to $35,750 in contributions each year for three years, which can add significantly to your overall savings.

A larger nest egg can help you hedge against inflation

Planning for retirement also means taking inflation into account. The price of goods and services tends to increase over time, which means you may need more money in the future to afford the same items you purchase today. Working until you're 67 gives you extra time to top off your retirement account, which can help in later years as prices rise.

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You'll have more time to pay down debts to prepare for retirement

If you wait a few extra years before retiring, you'll also have more time to pay down any debt you may have. Carrying high-interest debt, like credit card debt, into retirement can negatively impact your cash flow during your later years. Additionally, if you are able to pay off your mortgage before retiring, you won't need as much monthly income if that large bill is paid for.

You'll have fewer retirement years to fund

Finally, if you delay retirement until age 67, you have fewer retirement years to fund. Many people base their retirement calculations on longevity estimates and the amount of money you need each year to pay for your expenses. Retiring later means fewer years to factor into your retirement calculations.

Bottom line

In truth, there is no perfect retirement age that applies to everyone. The best time for you to stop working will depend on how well you've prepared financially for retirement.

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