Most Americans Still Want to Retire at 63 — But New Social Security and 401(k) Rules Show Why That’s a Risky Move
A new analysis of the 2024 MassMutual Retirement Happiness Study finds most Americans see 63 as the ideal retirement age, with the current average at 62. However, Social Security rules mean retiring at 63 results in permanently reduced benefits, and Medicare coverage does not begin until 65. About one-third of pre-retirees worry they could outlive their savings.