Women in the United States are retiring earlier than men, despite earning less over their lifetime, according to recent data. While the gender wage gap remains a significant issue, with women earning just 82% of what men earn for similar jobs, the average retirement age for women is two years earlier than men.
Studies from the U.S. Census Bureau, Forbes, and Gallup all point to the trend of women retiring at a younger age than men. The average retirement age for women in 2021 was 62, compared to 65 for men. This trend has continued over the years, with the average retirement age for both genders increasing to 61 in 2022, up from age 57 in 1991.
There are several reasons why people delay retirement, including healthcare costs and maximizing Social Security benefits. Waiting until Full Retirement Age or beyond can result in higher income in later years. However, for many women, circumstances beyond their control force them to retire earlier than planned.
Health issues, family care needs, and job loss are common reasons cited for early retirement among women. Unpaid caregiving responsibilities also play a significant role, with roughly 75% of caregivers to spouses, aging parents, or other seniors being women.
Additionally, studies have shown that early childhood trauma can lead to chronic health issues later in life, ultimately impacting the retirement age for both men and women. Despite these challenges, women continue to retire earlier than men on average, highlighting the need for further research and support in addressing gender disparities in retirement age.