When Can I Retire? The Key Ages: 59½, 62, 65, 67, and 70

There is no single retirement age in the US; instead, several different ages each unlock a different piece of the puzzle, and people constantly confuse them. 59½ is about your own savings. 62, 67, and 70 are about Social Security. 65 is about Medicare. Knowing which age does what is the difference between a smooth exit and an expensive surprise. The age you can comfortably retire then depends on whether your savings can carry the years before each benefit kicks in.

This is the question I most wanted a straight answer to, and I kept getting different ones because people were quietly talking about different ages. So here they all are in order, checked by a CERTIFIED FINANCIAL PLANNER, with what each one actually does. For how the timing fits the whole plan, see the pillars of retirement income.

59½: penalty-free access to your own savings

The first milestone is 59½, when you can finally take money from a 401(k) or IRA without the 10% early-withdrawal penalty. Before that age, dipping into these accounts usually means the 10% penalty on top of ordinary income tax, which can take a brutal bite out of a withdrawal.

That half-year is not a typo; it is a genuine line in the tax code. Once you cross it, the penalty disappears, though for traditional accounts income tax still applies to what you take out. This is why 59½, not 65, is often the true earliest “comfortable” retirement age for someone living off their own savings. The full rules and exceptions are in accessing your retirement savings.

The Rule of 55: an earlier door

If you want to retire before 59½, the Rule of 55 is worth knowing. If you leave your job in the calendar year you turn 55 or later, you can take penalty-free withdrawals from that employer’s 401(k), even though you are under 59½. It does not apply to IRAs, and it only covers the plan of the employer you just left, so rolling that 401(k) into an IRA first would forfeit the privilege.

It is a narrow door, but a useful one for early retirees bridging the years to 59½. We cover it, along with other early-exit tactics like substantially-equal payments, in retiring early.

62: the earliest Social Security

62 is the earliest age you can claim Social Security, and it comes with a permanent catch. Claiming at 62 locks in a reduced check for life, often around 30% lower than waiting until full retirement age. The reduction does not go away when you turn 67; it follows you for the rest of your life.

There is also the earnings test to watch if you claim early while still working: in 2026, if you are under full retirement age, Social Security withholds $1 for every $2 you earn above $24,480. So claiming at 62 while holding a steady job can mean giving back part of the benefit temporarily. We weigh the trade-offs in when to claim Social Security.

65: Medicare begins

65 is the age that catches early retirees off guard. It is when most people become eligible for Medicare, the federal health program, regardless of when they claim Social Security or stop working. There is a seven-month enrollment window around your 65th birthday, and missing it can trigger lasting late-enrollment penalties.

The planning point is sharp: if you retire before 65, you have a coverage gap to bridge between your last day of work and Medicare. That bridge, through a spouse’s plan, COBRA, or the marketplace, can be one of the larger costs of early retirement. Start at Medicare.gov and see medicare explained.

67 and 70: full and maximum Social Security

67 is the full retirement age for anyone born in 1960 or later: the age at which you receive your full, unreduced Social Security benefit. Claim before it and the check shrinks; claim after it and the check grows.

That growth runs to 70. For each year you delay past full retirement age, benefits rise by about 8% a year, so waiting from 67 to 70 can lift your check by roughly 24%. After 70 there is no further credit, so there is no reason to wait longer. For a healthy person expecting a long life, delaying is one of the most reliable ways to boost guaranteed lifetime income.

Retiring is not all or nothing

It helps to remember that retirement does not have to be a single cliff edge. Phased retirement, cutting to part-time, consulting, or easing into less demanding work, is increasingly common, and it can let your savings grow a little longer while softening the financial and emotional shift. I did a version of this myself, and the gentler landing was worth it. See phased retirement and working in retirement.

One sobering number frames the whole decision: a 65 year old today can expect to live, on average, into their mid-80s, and many will reach 90 or beyond. So your savings may need to last 30 years or more. Retiring at a given age is only realistic if your savings can stretch that far, and because investments can lose value, the safe age depends on your money as much as on these legal ones. Work the figures in how much do I need to retire.

So, when can you retire?

Pulling the ages together: you can usually access savings penalty-free at 59½ (or via the Rule of 55 at 55), start Social Security at 62 to 70, and join Medicare at 65, with full Social Security at 67. The legal ages set the boundaries; your savings decide what is actually comfortable.

This is general information, not personalized financial advice, and the right retirement age is deeply personal. For a plan built around your savings, health, and benefits, a fiduciary advisor can model the scenarios; see choosing a financial advisor. The free tools at SSA.gov and Medicare.gov let you check your own numbers first.