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What is the age for pension payout and how does it affect benefits?

According to a 2024 MassMutual survey, the average retirement age in the U.S. is 62, though this can differ significantly from the age at which an individual can begin receiving their pension benefits. Understanding what is the age for pension payout under different scenarios is crucial for securing your financial future in retirement. Your personal payout age can be influenced by factors like your birth year, the specific plan type, and your decision to retire early or delay benefits.