Can You Guess What Age Retirees Say Is The Sweet Spot For A 'Happy' Retirement? Hint — It's Not 65

Most of us have a number in mind when it comes to retirement—whether it's scribbled in a planner or floating around somewhere between "I've had enough" and "my 401(k) says no." But what if there's actually a best age to retire, the one where you'll feel happiest, least stressed, and most fulfilled?

A new study may have the answer. And no, it's not 65.

Retirees Say This Is the Ideal Age to Call It Quits

According to the 2024 MassMutual Retirement Happiness Study, both current retirees and those still working agree that the ideal age to retire is 63. That's the age where people feel young enough to enjoy freedom, but hopefully secure enough financially to step away from the 9-to-5 grind.

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The study revealed that retirees who left work around that age were more likely to say they felt:

• More relaxed: 82%
• Less stressed: 75%
• Genuinely happier: 67%
  
  

In short: 63 hits a sweet spot.

So… Do Most People Actually Retire at 63?

Not quite.

Despite the dream age being 63, the average actual retirement age in the U.S. is 62, according to Pew Research and MassMutual's own data. It's close, but that one-year difference can matter—especially when it comes to finances, healthcare eligibility, and savings.

In fact, many retirees are forced to retire earlier than expected due to layoffs, caregiving responsibilities, or health issues. On the flip side, others keep working into their mid-to-late 60s to pad their savings or hold on to employer-provided health insurance.

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Here's how the numbers break down:

• Ideal age for a happy retirement: 63
• Average actual retirement age: 62
• When 50% of men leave the workforce: Around 64.6
• Most common age people want to retire: Also around 62
  
  

Why That "Magic Number" Matters

The reason 63 comes out on top has less to do with a calendar and more to do with lifestyle. At 63, many retirees are still physically active, mentally sharp, and emotionally ready to enjoy life beyond work. Travel, hobbies, family time—it's all still on the table.

But here's the catch: being active means spending more.

According to leading research think tank RAND Corporation, retirees' spending tends to peak in the early years and then declines by about 1.7% per year for singles and 2.4% for couples after age 65. Why? Because after the initial "Go-Go" years—when people are still traveling, renovating kitchens, and treating grandkids to too many ice cream cones—life tends to slow down.

Corebridge Financial backs this up, reporting that retirees aged 75 and over spend 19% less annually than those in their late 60s or early 70s. So yes, costs eventually taper off. But early retirement? It's pricey.

Now layer in this: Full Social Security benefits don't kick in until age 67, depending on your birth year. Retiring earlier means either taking a reduced benefit—or needing more personal savings to make up the gap. And if you're not yet eligible for Medicare, you might also be fronting your own health insurance costs.

All of that makes your early retirement years—ironically—the most expensive phase of retirement.

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So, What Should You Do With This Info?

Here's the bottom line: wanting to retire early and happily is great. But you've gotta run the numbers, not just the dream.

• Start early – Not just saving, but imagining your actual retirement lifestyle. What does it cost to live that life?
• Think in phases – You'll probably spend more from 60 to 75 than you will at 85. Plan accordingly.
• Don't bank on Social Security to do the heavy lifting – The average benefit is about $1,900/month. That's not "sip wine in Tuscany" money.
• Work with a financial advisor – A real one, not your cousin who loves crypto. They can help create a plan that adapts over time.

Happiness Isn't Just a Number

Yes, 63 might be the magic number on paper. But the truth is, a happy retirement isn't just about the age you leave work—it's about how well you prepared, how you spend your time, and whether you can wake up each morning with a sense of purpose…and maybe a good cup of coffee.

And if that happens to be at 63? Perfect. But if it's 64, 67, or even 70—well, as long as it's on your terms, that sounds like a pretty good deal too.

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