Early retirement benefits: For most Americans, retiring at 65 years has been the classic benchmark signaling the beginning of their golden years, but a new statistics might make you reconsider if you should hold on to that schedule. More people are rethinking the traditional retirement age, and here are the reasons.

Why Retiring at 65 May Not Be the Best Choice Anymore

As a 2024 YouGov survey found that about 59% of US adults wish to retire at or before the age of 65, but if you do intend to keep working until then, these 3 surprising facts may change your mind, as per a Moneywise report.

1. The Gap Between Life Expectancy and Healthy Years

While the average life expectancy in the US is about 76 years, the World Health Organization found that healthy life expectancy, which means the years spent free from serious health issues, is at 63.9 years, as per the Moneywise report. So, if you retire at 65, you might soon face chronic health problems that could limit your ability to enjoy retirement fully, as per the report.

But, if you retire sooner, you could potentially have additional quality years to devote to the people and activities you enjoy before physical adversity sets in, according to Moneywise. This fact is an eye-opener for people who believe that retirement equals a long period of worry-free living.

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2. The Shocking Number of Hours Americans Spend Working

Calculations by data scientist Andrew Naber show that the typical American spends about 90,000 hours working in a lifetime, which can never be reclaimed, as reported by Moneywise.

If that seems daunting, consider this: if you work 35 hours a week, then retiring only five years before could recapture over 9,000 hours, according to the report. That leaves you with time for several extended vacations, leisure activities, or just hanging out with the family.

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3. How Retirement Timing Affects Mental Health and Happiness

Another importanct fact is about when and how you retire as that can have a big impact on your mental health, according to the Moneywise report. A study that was released in the Global Health Research and Policy journal indicates that individuals who retire by choice, with good plans and objectives, have lower rates of depression, as reported by Moneywise. Conversely, individuals who are pushed into retirement because of health or work problems tend to have more mental health issues, as per the report.

That means retiring on your own terms, mostly sooner than 65, might provide a happier, healthier retirement, according to the report.

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The Financial Fears Holding Americans Back From Early Retirement

However, although 59% of Americans desire to retire early, just 40% feel they can afford to do so, given fears over financial uncertainty and increasing costs of living, as reported by Moneywise. But there's a silver lining: the Employee Benefit Research Institute (EBRI) says almost 60% of workers aged between 35 and 64 are likely not to outlive their pensions in retirement, as reported by Moneywise.

Simple Steps to Make Early Retirement Financially Possible

Moneywise suggested that if your concern is money, there are options, that include, relocating to a less expensive region or cutting your expenses can make your retirement funds last longer, according to the report. Even consultation with a financial advisor will assist you in creating a good plan that is customized to your needs, whether it's retiring early or determining the best age to retire as per your situation, as per the Moneywise report.

FAQs

How long do most Americans live healthily?
On average, about 64 years of healthy life, which is less than the overall life expectancy of 76 years, as per the Moneywise report.

Does retiring early help with mental health?
Yes, people who retire by choice and with a plan tend to have lower rates of depression.