GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Are you retiring around the same time as your peers, or are you a bit early or late?
This is a question many people find themselves asking, and not just in the United States.
People all over the world have their own retirement plans and their ideal retirement age.
This is just as true for residents of America as it is residents of India.
Average Retirement in America
In the U.S., the average retirement age is 62 years old.
Not everyone retires at that age, however.
Some will get there much sooner.
In the U.S., people can enroll in Medicare as soon as they turn 65.
Those who have aqualifying medical conditionor disability may be able to get it as early as 62.
The average benefit amount for retired workers in July 2024 was $1,919, according to theSocial Security Administration.
Roughly a fourth of these individuals get 90% or more of their income from Social Security.
This just goes to show how vital the program is for so many.
It is possible to get alarger benefit amount, but only if you wait until the full retirement age.
For those born in or after 1960, that age is 67.
For maximum benefits, you may need to wait to collect until youre 70.
According to theSSA, Social Security will be insolvent by 2035 unless some major changes occur.
This means it will only be able to cover about 75% of peoples anticipated benefits.
Medicare may also be in danger of running out of funds as early as 2036.
This could also impact peoples retirement plans.
Generally speaking, people in India reportedly retire between the ages of58 and 60, depending on their industry.
Back in 2020, the Kerala Government legally mandated an increase in the state retirement age to 60.
In the state of Andhra Pradesh Government, the minimum retirement age is 62.
Each state can set its own rules, but all must abide by the central government.
The retirement age for employees of the central government is 60 years old.
Currently, residents must be at least 58 years old to collect from the Employees Pension Scheme.
They must also have made contributions for 10 or more years.
More From GOBankingRates
Share This Article:
