Determining when to retire can be tough. There are various factors to consider, including your financial situation, your health, and the lifestyle you wish to enjoy once you retire. While the decision of when to retire is personal to you, it may help to know when people typically retire. So, what’s the average retirement age, and how is it changing? And what financial considerations should you weigh before you retire? While we answer these questions below, speaking with a financial advisor can help you get all of these questions answered for your personal situation.

Average Retirement Age and  How It’s Changing

Workers in the United States generally retire at around age 64, though data shows that the average age varies by state. For example, the average age of retirement in Washington, D.C., is around 67, while many states’ average age is around 65, such as Iowa, Kansas, Maryland, Vermont, and Texas. Other states boast even lower ages, like Alabama, Kentucky, and Michigan’s 63, or Alaska and West Virginia at age 61.

In recent years, the average retirement age has risen. In 1986, the average retirement age for men was about 62 and for women about 57. By 2016 the average retirement age for men had climbed to approximately 65 and for women approximately 63. Changes in Social Security, fewer employer pensions, and even extended lifespans can cause many to put retirement off, at least for a few years.

Additionally, with the average Social Security benefit at just $1,503 a month and pensions on the decline, hopeful retirees may find that their retirement budget and expected spending far outweigh their expected income. That can also cause them to put off retirement.

Your Retirement Age and Social Security

Once you reach your 60s, Social Security becomes a factor in deciding when to retire. You can start collecting Social Security benefits at age 62, though you aren’t yet considered full retirement age (FRA) at that time and will only collect 75% of your expected benefits. By comparison, if you wait until age 65 to begin collecting benefits, you’ll receive 93.3% of your monthly benefit. The FRA is 66 for people born between 1943 and 1959 or 67 for those born in 1960 or later.