How the Average Retirement Age for Men vs. Women Changed in the Last 30 Years
Written by
Gina Hagler
Edited by
Nicholas Morine
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Americans have been retiring later than they did in the 20th century for a number of reasons, including living longer — but not all of the reasons are positive. Elements like economic opportunity influence a trend that continues to differ between men and women. Here’s how the average retirement age has changed for men versus women in the last 30 years.
According to the Center for Retirement Research (CRR), as detailed by Forbes, in 1992, the average retirement age was 62 for men and 59 for women. For the next 30 years, there is a positive increase in the retirement age for both — in 2016 it had risen to 65 for men and 63 for women. By 2021, it remained 65 for men and declined slightly, to 62, for women. The CRR director, Dr. Alicia Munnell, said this was due to the COVID-19 pandemic. A 2017 Gallup survey found that just 39% of Americans believed they would retire after 65 — in 1996, this number was 14%.
Longer Lifespans Mean Greater Savings and Income Demands
Greater life expectancy is a plus for families and those who want to travel more, but with this new reality comes the necessity of more money and savings. Americans who said they retired with what they believed was enough of a nest egg ultimately have run into financial troubles. Living longer means more medical bills to pay, and the average debt load has risen over the years, too. In August of 2023, TransUnion reported that the average consumer credit card balance was at a 10-year high, per CNBC.
In 2022, the Census Bureau reported that more (50%) women than (47%) men — aged 55 to 66 — had no personal retirement savings. The disparity in retirement security is also present for individuals that had retirement savings — 22% of women had at least $100,000 in retirement savings, versus 30% of men. When considering life expectancy, it’s generally understood that women typically live longer than men.
On paper, all of these metrics would suggest that women would be the ones to retire later. Part of reality denying these expectations can be explained by marriage: Given the fact that working men tend to earn more than women, it’s more often financially sustainable for women to retire first, allowing the couple remain economically stable. Women also end up leaving the workplace first involuntarily as a result of layoffs or health issues, per Boston College, plus caregiving responsibilities also motivate them to exit before men might.
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