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That $2 million also happens to be the implied booty of your average California policeman who retires at age 55. Typical cities in California have a police officerâs retirement plan that works as follows: 3% at age 50.
But most retirees donât stay on the job nearly that long. The average retirement age among retirees is 62, Gallup found. And even retirement at age 62 is a recent development.The average retirement age has hovered around 60 for most of the past decade.[See: 9 Important Ages for Retirement Planning.]. Americans have two reasons in which they may project a later retirement year. 2014 Employee Benefit Research Institute survey found that 33 percent of workers expect to retire after age 65, but only 16 percent of retirees report staying on the job that long. Just 9 percent of workers say they are planning to retire before age 60, but 35 percent of retirees say they retired that early.