What is Normal Retirement Age

Normal retirement age, as the name implies, is the age at which most people retire. It has been estimated that the average retirement age in the United States is 62. However, many people retiree while in their early or late 50s, while others wait until they are 65 or even older before retiring. No matter when a person retires, it is important that he or she knows what Social Security and Medicare rules are in regards to applying for full benefits.


Social Security

A person can apply to receive Social Security payments once he or she turns 62. However, this age is not considered to be full retirement age and a person who applies for early payments will get less money per month than a person who waits until he or she reaches normal retirement age.

In times past, the United States Social Security office considered 65 to be normal retirement age. However, this has changed. A person who was born after 1938 and before 1967 will reach full retirement age when he or she turns 66. Those who were born after 1967 will not reach full retirement age until they turn 67 years of age.



While Social Security is raising what it considers to be the normal retirement age, Medicare has not changed its age requirements at all. Medicare considers full retirement age to be 65 years old. A person who has turned 65 should apply to receive Medicare benefits within a three month period. If the application process is put off too long, one may face having to pay additional fees that he or she would not have had to cover otherwise.


State and Company Pensions

The normal age for retirement for a state pension is currently 65 for men and 60 for women, although women will soon have to wait until they turn 65 before getting a full state pension. A person can take out a state pension at the age of 55, but will get less money than if he or she had waited until full retirement age. The rules governing company pensions vary, as there are many different types of company pensions. One would do well to check with his or her employer regarding the retirement rules governing his or her pension.

When making decisions concerning retirement, it helps to know what the laws and rules are regarding retirement age. This can help one to know how much money to expect and when. One should also keep in mind that in many instances the normal retirement age is rising along with rising life expectancy. One should stay abreast of retirement age developments as time goes on and make wise decisions that will provide enough funds for his or her golden years.


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