When Will You Retire? Probably Not When You Think
- Mark Fonville, CFP®
- 20 minutes ago
- 2 min read
Workers plan to retire at 65. Retirees actually left at 62.
That three-year gap has held for decades, and this year it widened: 46% of retirees left earlier than planned, up from 40% last year. And it usually wasn't a choice. In 76% of unplanned early exits, the cause was outside the person's control — a health problem, a layoff, or a family member who needed care.
The numbers, from EBRI's 2026 Retirement Confidence Survey:
→ Median expected retirement age: 65. Median actual: 62.
→ 39% of workers expect to work to 70 or beyond — only 10% of retirees actually did
→ 29% of retirees were done before 60. Just 12% planned to be.
For a household with $1M+ saved, three fewer earning years means three fewer years of contributions, three more years of withdrawals, and a health-coverage gap before Medicare at 65. If your plan only works when you work to 65, it isn't finished.
Run it again at 62 and see what changes — savings rate, spending, or claiming strategy. If work ended for you three years early, would your plan still hold?
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About the author:
CEO and Senior Financial Advisor
Mark is the CEO of Covenant Wealth Advisors and a Senior Financial Advisor helping individuals age 50+ plan, invest, and enjoy retirement comfortably. Forbes nominated Mark as a Best-In-State Wealth Advisor* and he has been featured in the New York Times, Barron's, Forbes, and Kiplinger Magazine.
Disclosures: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond, Reston, and Williamsburg, VA. Registration of an investment advisor does not imply a certain level of skill or training. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. This article was written and edited by a CERTIFIED FINANCIAL PLANNER™ professional with the assistance of AI. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice.