It’s a basic question, but one that I have struggled to find any data on: how many people retire at what age? I found a chart from a University of MN study a few years ago and ‘reverse engineered’ some data, but I knew that my math wasn’t very exact.
Now I came across this chart / data from a helpful website called DQYDJ.com …
It says the data comes from a 2017 Federal Reserve study, which would seem to be a pretty authoritative source. I had previously estimated that only about 5% of people retired by age 50, this would suggest it is closer to 10%. It jumps up to about a quarter of people by age 55.
I feel pretty good about the data as it says about half of all people are retired between 61 and 62. That’s right on par with what I frequently see reported.
With this new data set, I would say that ‘early’ retirement would still be anyone who reaches FIRE (financial independence & retired early) in their 50s. People that are ready to retire before they turn 50 have done an exceptional job.
Any surprises as you look at this data?
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