Study: Today’s Average Retirement Age Same as a Decade Ago
Today’s average retirement ages of 64 for men and 62 for women are about the same where they were a decade ago, suggesting that some factors spurring the trend toward working longer since the 1980s may have exhausted themselves, according to new research from the Center for Retirement ResearchLink Icon.
The report’s authors attribute the increase around the 1980s to perceived benefits from Social Security, improved health and longevity, education (people with more education tend to work longer), less physically demanding jobs, joint decision making between spouses, decline of retiree health insurance and non-monetary factors. “Since working longer is the key to a secure retirement, the labor force activity of people in their 50s and 60s is a crucial issue,” the report’s authors write. They say the recent leveling off of the average retirement age suggest that these earlier drivers of working longer are no longer having a substantial impact.
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