Retirement
The traditional timeline and image of retiring is changing. According to MetLife's 2025 study, "Enduring Retirement Model Study," 90% of employers that were surveyed said employees were delaying retirement because they felt financially unable to do so.1
With that in mind, you may be wondering when you can retire and how your retirement will look. Here are five things to consider, as you prepare for the future.
Although other people's retirement age doesn't dictate when you might be able to retire, there's a clear trend in people continuing to work later in life. The motivation or necessity for continuing to work often comes down to financial or social needs, or a combination of the two.
While the median retirement age as of 2025 was 62 (according to an Employee Benefit Research Institute survey), based on MetLife's “Enduring Retirement Model Study,” 24% of surveyed employers said employees retired later than 62; that percentage is expected to go up to 44% in the next five years.2,1 The main reasons for employees delaying retirement are feeling like they can’t afford it, wanting to maintain medical insurance coverage, and continuing to build retirement savings.1
In addition, more older workers seem to be taking on gig work. According to the MetLife study, 31% of employers that were surveyed hired gig workers, and 51% of those employers report an increase in gig workers 50 or older over the past two years.1
There’s no one-size-fits-all answer to how much you need to save to retire. The answer depends on your anticipated retirement income, which can come from savings, investments, employer benefits, and Social Security. Equally important is understanding your household expenses overall. You can start by asking yourself a few important questions:
These aren’t necessarily easy questions to answer on your own, particularly when it comes to projecting your future finances. Try using a free retirement calculator online. Or, you can work with a financial advisor to get a better sense of your retirement readiness. The goal is to give yourself a sense of how your finances align with your goals, empowering you to make decisions based on realistic numbers rather than rough guesses.
Social Security income is an important part of many people’s retirement plans and deciding when you should start collecting benefits can be a big decision. While the earliest option is when you’re 62 years old, you’ll get a larger benefit the longer you wait (up until age 70).
Again, working with a financial advisor may be a good idea to eliminate the guesswork. But if you want to do research on your own, Social Security calculators can help you see how different start dates can impact your finances.
Figuring out how you’ll cover medical expenses and long-term care is another important consideration that will play into your financial projections. Once you’re 65, you can sign up for Medicare, the U.S. federal health insurance program available to certain eligible groups. However, you may also want to buy supplemental health coverage or need to budget for premiums and out-of-pocket costs.
According to Fidelity Investments, a 65-year old who retired in 2024 could spend $165,000 on healthcare during their retirement.3 And, if you want to retire before you qualify for Medicare, you’ll need a plan for healthcare coverage in the interim.
MetLife's study found that most employers (45%) think the definition of retirement should change.
Today's retirement might look more like a gradual transition than a firm break between work and non-work. Of the employers that were surveyed, 32% say they have implemented or have considered implementing a phased retirement program. Although gig work for those over 50 seems to be on the rise, you should know that 76% of employers who hire gig workers said they do not offer retirement benefits.1
As our vision for retirement evolves, you have a lot to consider and ask yourself. With this in mind, whether you need or want to work, you may be able to choose from a wider range of opportunities.
Use MetLife’s interactive tool to discover if you have a retirement income gap—the difference between your anticipated retirement income and estimated monthly expenses.
