The decision of when to stop working and start enjoying retirement is one of those questions that generates more debate at family dinners than almost anything else when we talk about life beyond old age.
Everyone has an opinion: “Retire now at 62 before the fund runs out!” says one; “Wait until you’re 70, you’ll earn much more,” replies the other. And the truth is that recent statistics—from serious studies, not rumors—point quite clearly in one direction.
The Numbers Speak: The Retirement Age Chosen by the Majority
According to several analyses, including a rather interesting one from the National Bureau of Economic Research (NBER) in 2022 that they continue to cite in 2026, more than 90% of American workers between the ages of 45 and 62 would benefit financially if they waited until age 70 to claim their benefits.
Yes, you read that right: over 90%. The study concludes that waiting maximizes total lifetime income for the vast majority, because each year you delay retirement past your full retirement age (which is 67 for those born in 1960 or later) gives you an 8% annual increase in your monthly paycheck.
That adds up quickly: claiming at 70 can mean a benefit up to 24-32% higher than at 67, and up to 76% more than if you claim at 62.
More Studies Bring Outcomes About the Retirement Age
Other recent reports echo this sentiment: people are leaving a lot of money on the table by retiring early. A previous United Income study estimated that the average household loses about $111,000 in lifetime benefits by not waiting. And yet… only about 10% of people actually wait until 70. Most start at 62, which remains the most popular age, though it’s declining slightly over the years.
Why does this happen? Well, there are very human reasons: some need the money now because they don’t have enough savings or are in poor health; others think “a bird in the hand is worth two in the bush” and fear they won’t receive the full amount; and there’s also the emotional factor of wanting to enjoy retirement while you’re still feeling good. Nobody wants to spend years waiting for a bigger check if they’re not going to be able to spend it later.
But if you’re in good health, have some financial cushion (savings, pension, part-time work), and expect to live several more years (which is the norm these days, with life expectancies exceeding 80-85 for many), the math usually favors waiting. The higher benefit also provides better protection for a surviving spouse if you’re the higher earner.
Whose Final Decision Is It to Retire, in the End?
Having said all this—and I say this in all sincerity—there is no magic age that works for everyone. Statistics talk about averages and majorities, but your life isn’t an average. It depends on your health, your finances, your family, whether you’re going to continue working, how long you think you’re going to live… and even on how you feel emotionally about the idea of waiting or not.
