The decision to retire is a personal one that's as much psychological as financial. When Does The Average American Retire? Depends On The State. Many folks time their retirement to coincide with milestones 35 years on the job, say, or reaching age 65 or saving $1 million. But more than a number, you have to be ready, financially and psychologically. You may have dreamed of this moment for years on your commute, in your cubicle, on those vacations. Find a good job, buy a house, start a family, and retire at the ripe age of 65. That’s always been the American dream but is it reality? Many Americans are working well past the age of 65, changing the landscape of our workforce. As older people push off retirement, there are fewer openings for young people trying to get jobs. This can be observed in the relatively low employment rate of people ages 20 to 24, hovering at around the mid-60 percent mark in most states.
