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Planning for Retirement With a Retirement Age Calculator

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Knowing your total compounded savings helps you determine at what age you can retire. Not everybody can afford to retire at the traditional age, as their savings may deplete during the later years of retirement.

Although a retirement age calculator cannot predict how long you will live, it’s a useful resource for optimizing your chances of having a comfortable retirement.

A reliable retirement age calculator guides you in deciding how much longer you need to work and enables you to plan your investments to adjust your retirement age.

What Is the Earliest You Can Retire?

You can retire at any age, but retirement benefits are age specific. Withdrawing money from your individual retirement account (IRA) at age 59½ is penalty-free.

The rule of 55 is an IRS policy enabling employees to withdraw from an employer-sponsored retirement account at age 55 without incurring a penalty.

But your retirement age and the legal age at which you’re entitled to receive benefits can differ.

When Can You Start Receiving Social Security Benefits?

Retirement benefits depend on your retirement age. You can retire at age 62, but that may result in a reduction of up to 30% of Social Security benefits.

Larger benefits are provided to people who are at the full retirement age, which used to be 65. Benefits gradually increase by a few months every birth year until reaching the age of 67 for individuals born in 1960 and later.

The optimal benefits are offered at the retirement age of 70.

As an example, retiring at the full retirement age of between 65 and 67 in 2022 would provide you with a maximum benefit of $3,345. If you retired in 2022 at the age of 62, your benefit would be $2,364. You would receive the optimal benefit of $4,194 if your retirement age was 70 in 2022.

The Average Retirement Age

The normal retirement age (NRA) used to be 65, but a law passed by Congress raised the age because many people are enjoying longer retirement years than before.

NRA is also known as the full retirement age, varies from age 65 to age 67 by year of birth.

Year of birth


1937 and prior



65 and 2 months


65 and 4 months


65 and 6 months


65 and 8 months


65 and 10 months




66 and 2 months


66 and 4 months


66 and 6 months


66 and 8 months


66 and 10 months

1960 and later


How To Prepare for Retirement

You can take several precautions to ensure that you reach the optimal retirement forecast that is likely to emulate reality.

Use a Retirement Age Calculator

A retirement calculator shows you a projected retirement age based on your current age, retirement savings, monthly investments and the expected annual interest rate.

Let’s assume the following data:

  • Current age: 30

  • Current retirement savings: $100,000

  • Monthly investment: $500

  • Annual interest rate: 5.5%

  • Amount at retirement: $1 million

Based on the above data, you could retire at age 60 to have $1 million in retirement savings. Your total amount invested would be $282,500, and the interest earned is $718,130, bringing your total to just over $1 million.

You would need to make 365 contributions, and the last deposit date would be June 1, 2053.

A calculator offered by Retirable estimates your retirement income and helps you plan by enabling you to determine whether you need to delay your retirement. It also helps you budget for your retirement expenses and determines whether you need to increase your retirement savings contributions.

Also Use a Social Security Benefits Calculator

A Social Security benefits calculator helps you estimate your retirement benefits based on your date of birth and earnings history.

An income calculator provides a forecast of your expected retirement income, whereas an age calculator estimates the age you can retire with your current savings and monthly investments.

Opting to use Retirable benefits calculator provides a complete picture of the total income you can expect in retirement because it includes benefits.

Talk To a Financial Adviser

A retirement financial adviser provides an investment plan tailored to your goals to ensure you have enough money to retire comfortably.

Retirable’s financial advisers consist of a professional team that provides guidance for your retirement to ensure you have control and peace of mind in your golden years.

Working with a Retirable financial adviser helps you gauge at what age you can retire and any adjustments you need to make to your contributions and expenses to reach your retirement goals.

Ensure You’re Well Prepared For Retirement

Planning for a comfortable retirement entails knowing at what age you can retire. A retirement age calculator helps you to adjust your investments to reach your goals and plan for a delayed retirement if necessary.

Your retirement age also entitles you to Social Security benefits. Using an effective process to build your retirement plan requires you to consult a financial adviser who will provide a tailored plan to ensure you enjoy your retirement.

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