Core Points - The retirement age in the U.S. varies for different benefits, with eligibility for Social Security at age 62 and penalty-free withdrawals from 401(k) and IRA accounts at age 59½ [1][2] Social Security Benefits - Full Social Security benefits are available at full retirement age, which is 67 for individuals born in 1960 or later, with the option to start receiving benefits as early as 62, albeit at a reduced rate [3] - Delaying Social Security benefits past age 62 increases the monthly benefit by 8% for each year until age 70, resulting in a maximum benefit at that age [4] - Starting benefits at age 70 can yield a monthly benefit approximately 77% higher than starting at age 62, though this decision depends on various personal factors such as health and marital status [5] 401(k) Withdrawals - To withdraw from a 401(k) without penalties, individuals typically must wait until age 59½, with exceptions for permanent disability [6] - Withdrawals from traditional 401(k) accounts are taxable as ordinary income, and a 10% early withdrawal penalty generally applies [7] - For Roth 401(k) accounts, contributions can be withdrawn tax-free after age 59½ if the account is at least five years old, while early withdrawals of earnings incur taxes and penalties [8] Rule of 55 - The IRS provision known as the rule of 55 allows penalty-free withdrawals from a 401(k) if an individual loses their job or quits in the calendar year they turn 55 or later [9] Required Minimum Distributions (RMDs) - RMDs from 401(k)s and other retirement accounts must begin at age 73, increasing to age 75 in 2033, with Roth 401(k) account holders exempt from RMDs starting in 2024 [12] IRA Withdrawals - The retirement age for IRA withdrawals is generally 59½, with similar exceptions as 401(k) accounts [13] - Traditional IRA distributions are subject to ordinary income taxes and a 10% early withdrawal penalty if taken before retirement age [15] - Roth IRA withdrawals are tax- and penalty-free after age 59½ and five years of account ownership, with contributions withdrawable at any time without penalties [16] Additional Retirement Income Sources - Pensions, though less common, can provide guaranteed retirement benefits based on years of service [18] - Taxable investment accounts allow for penalty-free withdrawals, with profits taxed at favorable long-term capital gains rates if held for over a year [19] - Home equity and rental properties can serve as additional income sources during retirement [21]