59% of Americans Retire Earlier Than Planned, Leaving Work at 62 on Average

1 articles · Updated · cheapism.com · May 27

59% of retirees in the May 2026 Society of Actuaries survey said they left work earlier than planned, while just 6% retired later than expected; the average retirement age was 62.
Income split the reasons sharply: workers earning over $75,000 most often retired early because they hit financial goals or were dissatisfied with work, while those under $35,000 were pushed out by health shocks or job loss.
19% of retirees said they were financially worse off than expected, suggesting many households are still coping despite unplanned exits from the workforce.
24% described their standard of living as fair or poor in a separate 2026 EBRI/Greenwald survey, as many retirees rely on Social Security, modest savings and tighter budgeting rather than large nest eggs.

Is the American retirement system designed for an age that most workers will never reach?

If today's retirees thrive on budgeting, is the FIRE movement's extreme saving model truly necessary for the next generation?

Beyond a large bank account, what is the single most critical asset for a fulfilling life after leaving the workforce?