May 5, 2010

U.S. retirement age: Work till you drop?

• 1 Comment |
• E-mail |
• Print
• • Share:
  •  
  •  
  •  
  •  
  •  
  •  

You've probably heard it said that continuing to work into your golden years can keep your mind sharp and help stave off dementia. Good thing, considering how many older Americans can't afford to retire. 

[Photo: Kevin Zollman]

As the Associated Press reported in 2009, "...about 17 percent of the work force is 65 or older -- a share on the rise since the late 1990s."

In the same article, the AP also wrote, "The average retirement age, which was between 62 and 63 for men and women last year, is on the rise, according to the AARP Public Policy Institute. For instance, the percentage of 63-year-old men who were in the work force rose from 44 percent in 2000 to 51 percent in 2007..."

I'm guessing none of these statistics come as a surprise. But did you know that U.S. workers have a higher retirement age than most nations in the developed world?

According to the Economic Policy Institute, in 2007, the age at which Americans were eligible to collect full retirement benefits was 65.8. (Of course, the institute reminds, U.S. workers willing to collect reduced benefits can put their feet up early at age 62 if they like.)

But, as the institute points out, the average retirement age of all countries in the Organization of Economic Cooperation and Development (OECD) is quite a bit lower: 63.5 for men, and 62.3 for women.

According to the institute, "Twenty-six of the 30 OECD countries have official retirement ages of 65 or younger. Only Ireland, with an official retirement age of 66, and Iceland and Norway, at 67, ranked slightly above the U.S...."

But that's not all. The institute states that here in the U.S., the retirement age is on the rise, despite the fact that U.S. workers have roughly the same life expectancy as our counterparts in most of these developed nations.

According to the institute, the U.S. retirement age is "currently 66 for most workers entering retirement (those born between 1943 and 1954), and it will rise to 67 for those born in 1960 or later." And if we hit an average retirement age of 70, the institute says, it will place our nation "well beyond the age that workers in the rest of the developed world can currently retire and collect full benefits."

All the more reason to do your darnedest to find a career you like.

Michelle Goodman is the author of "My So-Called Freelance Life" and "The Anti 9-to-5 Guide." E-mail Michelle at mgoodman@nwjobs.com

• 1 Comment |
• E-mail |
• Print
• • Share:
  •  
  •  
  •  
  •  
  •  
  •  

Read more
older workers, work/life balance

1 Comment

| Leave a comment

Rob | May 18, 2010 12:15 PM | Reply

A group of people were talking about 'retirement' some time back, two comments stuck in my head.

The first was from a gentleman who's spouse was waiting until she could get the maximum from social security, she didn't want to "waste it". She died 4 months before she was going to start collecting.

The second comment was a remark that not too long ago people worked until they died. They died in the field or at the assembly line but if they could work, they did.
That's how life was.

I'd like to retire for this summer and I'd like to retire for the end of December through February but in between those times I really need something to do, let's call it "work".

I currently work with people who are there just so they can trade 1/4th of their pay for medical insurance. I currently work with a few people who have NO idea that a job can be fun, when I mention that I once had a job where I honestly turned to a co-worker and said "they pay me to do this!" the guy had no idea of what I was talking about.

Retire? Great if you can afford it otherwise a lot of us will work until we die.

As you said Michelle, "All the more reason to do your darnedest to find a career you like"

Leave a comment

Name

Email Address

URL

Remember personal info?

Comments