The average retirement age for women in the U.S. is around 63, according to data from the Center for Retirement Research at Boston College, while the average for men is 65. Overall, U.S. averages tend to be between 62 and 64, but women consistently retire about 2 years earlier than men, despite facing unique financial pressures that often push them to retire later and with less savings.
This number shows that workforce exit patterns determine women’s retirement age, not the Social Security full retirement age (FRA), which is 67 for those born in 1960 and later. Many women claim benefits as early as age 62, but their actual retirement age depends on economic, health, and personal reasons. These factors help explain the typical retirement age for women in the U.S. and highlight the importance of personalized retirement planning.
At ARQ Wealth, our Women and Wealth Collective™ is focused on wealth and retirement planning for women. Call us today to speak with one of our wealth advisors about planning your retirement.
Factors Affecting the Retirement Age for Women
Women tend to retire earlier than men because of a combination of structural, economic, and personal factors. These pose unique challenges for women’s retirement planning, widening the retirement security gap.
Career Interruptions and Caregiving
Women disproportionately handle childcare, elder care, and other family responsibilities. This leads to employment gaps that lower overall earnings, Social Security credits, and retirement contributions. These gaps often cause them to retire earlier due to burnout or other demands.
Gender Pay Gap and Lifetime Earnings
Women earn 82-85 cents for every dollar a man makes. This gap is worsened by occupational segregation, which pushes women into lower-paying roles. As a result, women typically have significantly lower retirement savings and benefits than men, if they have any retirement savings at all.
Risks of Longer Life Expectancy and Retirement Duration
Women tend to live longer than men, and since 1970, expected retirement durations have increased for women to 21.3 years compared to 18.6 years for men. Because of this, a woman retiring at 63 may need to fund 20-25 years of retirement.
This raises the risk of outliving savings and may require accessing retirement funds when healthcare costs are higher. Additionally, periods of widowhood could leave a retiring woman relying on a single income at a time when she needs two. Ironically, although many women face these increased risks, they might have to retire earlier than planned, placing even more pressure on limited resources.
Spousal and Family Health Dynamics
Many women decide to retire at the same time as their spouse, who retires at age 65. Health issues, the desire for a more balanced work-life schedule, and high out-of-pocket medical costs can drive these decisions.
Claiming Benefits and Social Security
The FRA is the same for all genders at 67, but because women typically earn less over their lifetimes, they receive lower Social Security benefits, typically around 80% of men’s benefits. Women are also more likely to claim before the FRA to receive reduced benefits, which is a tactic also used by men. While spouse and widow benefits can help, more women are qualifying and claiming benefits on their own. These factors suggest that women are more likely to face poverty in old age, highlighting the importance of retirement planning for women.
The Retirement Savings Gender Gap
A large savings gap puts more pressure on retirement earlier. New data shows large discrepancies:
- Median household retirement savings: Women have $56,000 compared to $92,000 for men (Transamerica Center for Retirement Studies, estimates late 2024, valid 2025-2026).
- Participation and contributions: Women save at equal or slightly greater rates at their income levels, but gaps exist due to earnings and career breaks—men, on average, contribute more each year.
- Confidence levels: 75% of men feel confident about their savings, while only 63% of women do; and just 18% of women are very confident about being able to achieve a comfortable retirement (Transamerica 2025).
The prevailing gaps also stem from the pay gap, part-time jobs, caregiving, and limited access to high-contribution plans. More women than men worry about outliving their savings: 44% of women cite this as their biggest concern, compared with 37% of men (Transamerica 2025). To reduce this gap, women should take steps like increasing their contributions and making catch-up contributions.
Women and Retirement Planning
Women face different issues than men when it comes to retirement planning, and all strategies should account for these differences.
Maximizing Employer Plans and Retirement Accounts
If your employer offers a retirement plan, join it as soon as you can and contribute as much as the plan allows. The key is to make retirement a priority by investing a percentage of your pay into a retirement account each pay period. After age 50, catch-up contributions allow you to save an additional $8,000 per year in your 401(k) for 2026, and those between ages 60 and 63 are eligible for a super catch-up of up to $11,250 under SECURE 2.0. Anyone receiving compensation can also contribute to an IRA, even if they do not have an employer-sponsored plan.
Social Security Optimization
Timing matters. Benefits can be delayed past full retirement age for an 8% annual increase until age 70, which can make a significant difference for women who expect a longer retirement. A financial advisor can help you decide when to claim based on your spouse’s benefits, your own earnings history, and your overall retirement plan.
Diversifying Income and Investments
Developing multiple income streams, such as a pension, part-time work, rental income, or annuities, is an effective way to reduce reliance on any one source. Saving and investing more for retirement helps women build a more comfortable, secure future, and diversifying your savings as you approach retirement reduces risk.
Healthcare and Long-Term Care Planning
Creating a long-term healthcare planning strategy is essential, especially given that women’s longer life expectancy increases the likelihood of needing extended care. Utilizing Health Savings Accounts (HSAs) alongside long-term care insurance can help cover costs that Medicare benefits do not.
Retirement Planning Strategies for Women
To help overcome retirement challenges, women should consider the following tactics:
- Maximize Contributions: Aim for 15% or more of your income. Catch-up contributions of up to $8,000 are permitted for 50+.
- Timing of Social Security Benefits: Delay if possible. Each year you wait after full retirement age (FRA), benefits increase.
- Diversify Income Sources: Developing multiple income streams is an effective way to reduce reliance on one source.
- Caregivers: Fund your long-term care or insure against unexpected costs.
- Special guidance: Women’s financial challenges are well understood by advisors with dedicated expertise and resources for women’s retirement planning.
Women can be confident in their retirement strategies, as these actions are designed not only to help them meet the challenges but also to overcome the typical obstacles they encounter in retirement planning.
ARQ’s Women and Wealth Collective™
At ARQ, we recognize that generic financial advice lacks the specificity and customization women need. Our women-focused financial and retirement programs provide tailored tools, resources, and advisory services to address career interruptions, wage gaps, longevity, and caregiving.
We provide personalized projections, social security strategies, investments aligned with your risk tolerance, and support for transitions. Whether you’re planning in your 30s-40s, optimizing in your 50s, or approaching retirement, our goal is to help you retire well.
Call us today to book your free first consultation in ARQ’s women-focused initiative aimed at transforming your retirement and financial planning. Our website is available for you to reach us; we are excited for you to begin your journey with ARQ.
Frequently Asked Questions About Retirement for Women
What is the retirement age for women in the U.S.?
The average age at which women retire in the United States is around 63, though the full retirement age for Social Security is 67 for those born in 1960 or later. Women can begin receiving Social Security retirement benefits as early as age 62, but early retirement results in a permanently reduced monthly benefit.
At what age is retirement for women who want full Social Security benefits?
For women born in 1960 or later, the full retirement age is 67. Claiming at this age rather than at the early retirement age of 62 means receiving 100% of your earned benefit amount. Waiting until age 70 results in even more money each month due to delayed retirement credits.
How does the gender pay gap affect retirement benefits?
Because Social Security benefits are calculated from lifetime earnings, the gender pay gap directly reduces the retirement benefits women receive. Women who earned lower salaries or stepped out of the workforce to raise children will receive smaller monthly benefit amounts. Investing early and consistently, even in small amounts, helps offset these gaps over time.
Can divorced women claim Social Security on an ex-spouse’s record?
Yes. Divorced women may be eligible to claim Social Security benefits based on an ex-spouse’s work record if their marriage lasted at least 10 years. This does not reduce the ex-spouse’s benefits, and the claiming spouse does not need the ex-spouse’s permission.
How can women plan for healthcare costs before Medicare?
Women who retire early before age 65 face a healthcare coverage gap, since Medicare benefits don’t begin until age 65. Options include COBRA continuation coverage, marketplace health plans, or drawing from an HSA. Consulting a financial advisor or tax professional can help determine the most cost-effective approach for your situation.