The Average Retirement Age in 2024: US vs. UK

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You may be wondering: Is the state of retirement in the U.S. worse than in other countries?

That depends on which country youre talking about.

Also see a comparison of retirement in America vs. Japan.

According to a recentsurvey by MassMutual, the average retirement age in the U.S. is 62.

The poll shows that most pre-retirees and retirees think 63 is the ideal retirement age.

As in the U.S., this average age has increased since the 1990s but not quite as dramatically.

Theaverage retirement agefor men has increased by around two years for men and four years for women.

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The average retirement age in theU.S.

and UKare fairly similar.

But how do retirement processes differ in each country?

The monthly benefit amount increases the longer you put off retirement, up until age 70.

The amount you receive in Social Security depends on how long you have worked and paid into the system.

However,Social Security benefitsgenerally arent enough to support a retiree in the U.S.

The average monthly payout as of June was $1,918.

UK pre-retirees also can earn pensions through their workplaces or set uppersonal pension schemesif theyre self-employed.

So, retirees in the UK are also at least partially dependent on personal savings to live comfortably.

Its impossible to evaluate whether the United States or United Kingdom is better when it comes to retirement.