First, let me give you the summary on average retirement age and then I'll provide the details.
The average age of retirement in the US has declined steadily as time has progressed from 1950 until the current day. The average age of retirement has fallen from about age 66 or 67 to age 62 or so, today.
BUT There is an offset to the declining retirement age:
Older workers are increasing their
labor force participation and hours of work
Over the past dozen or so years, older men — especially those 65 years or older—have increased their labor force participation and full-time employment, thereby reversing long-run declines; increases for older women also have occurred and have been proportionately greater. So although the average retirement age has declined, we see that more of those people are working!
From the second table included, you can see that of people aged 65 to 69 those who would been employed full-time had dropped to 39.4% in 1994 yet at the latest measurement, in 2007, the percentage was over 50% for women and a whopping 70% for men. And the percent of those employed full time has soared.
There is no data more recent than that in this table however, one can assume that with the recent downturn in the economy, the number of people 65 and older who are working has increased further.
Note also from the third graphic, labeled "Older Workers," that the number of people age 65 and over who are employed doubled from 1977 to 2007 even though that population group increased by only 60%.
http://www.bls.gov/spotlight/2008/older_workers/
Based on our fourth and final chart, there is a clear indication that of those who are working at age 65 or older, there is a significant increase in those working full-time rather than part-time.
Note that in these figures, "retired" means that the individual is receiving some type of retirement reward, be it social security, employer or public pension, etc. So it is quite possible, and the data indicates, that the data of decreasing average retirement age indicates those who are eligible for some type of retirement payment are taking it earlier and then moving on to other work. In other words, they may not really be "retired" based on your definition of retirement.
Do you ask, "When can I retire?" Get your retirement calculations here.
Unless otherwise noted, all data from http://www.ebri.org
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This information is very useful to know the age limit in doing the job
Obviously this bad economy situation hit hard to our saving plan. I think it is good thing that old people can work longer, but not good that they must work in spite of their feeling...I wish this economy situation recovery soon.
I still believe that once you retire - You're basically prepairing yourself to die. I understand that people older than 60 has less energy, but that doens't mean they are useless. My advice is to always stay active and productive. Show those kids of you that you still have a strong fight in you!
I think the trend will be for people to actually retire later. People retire from their first career, but then need part time work to make ends meet. I live in a retirement community and you'd be surprised at how many older people are working as cashiers, waiters, or clerks. I even have 1 75 year old friend who is a "retired" doctor who works as a sub to fill in for extra money. I'm almost 60 and CAN'T retire anytime soon. I expect I'll work til they can no longer prop me up. Lost $100,000's with stock market crash. Thank you, AIG, Lehman Brothers, etc.
Very interesting indeed. I don't think anyone should be forced into retirement.
I know my dad is still working at age 69 (he's self employed though and hasn't found someone to take over the business) and my mom still works at age 66 (she's doing the right thing and trying to pay off her debt before retiring). Both are drawing social security though, which is their right to do so, but something that you or I will never see at the rate that this country is spiraling downward.
I have a question. What do you mean by "Her debt"? I donn't know just how long your parents are married, but in most marriages, there is no "yours or mine" especially when it comes to money. The correct term is "OURS". What I make and what you make is considered ours and if there is debt, it is the same. It should be a common goal to knock down the debt.
@Axis I think that's a ridiculous conclusion - preparing to die. When one retires, I think they are preparing to enjoy the life they had created for decades. Retiring is all about enjoying what you sow without any worries of being penniless.
That is a big gap when it comes to percentages of work in older citizens. Actually, the US is still one of the more fortunate countries to live with despite of these statistics. If you look at some third world countries like the Philippines for example, you can see that older people outnumbers the young citizens when it comes to workforce. This is because most of them are uneducated and tends to work abroad. I am a Filipino by the way. Thanks for the information. Keep it up.
"....in 2007, the percentage was over 50% for women and a whopping 70% for men."
The thing is...the number of seniors employed now has probably halved, and the number looking has probably doubled.
And, something to consider...not too long ago, there was no such thing as "retirement". You worked until you died. I'm not advocating that (or "not advocating it" either) but it's still something to remember.
@heidi who said "I live in a retirement community and you’d be surprised at how many older people are working as cashiers, waiters, or clerks."
I think it's great that people work. When I'm 70 I hope I'm learning new instruments to play for the remaining 40 plus years of my life! What I don't like is that they have to, and in some cases absolutely have to.
It is interesting that some of the world's most successful people (Sam Walton, Warren Buffet, Charlie Munger + many many more) never seemed to consider retiring as an option. If they never stopped "working" what right have we?
Retirement seems to be not given importance here in my place. Because maybe 70% of people here are poor. And only those who are rich plan for these things. The poor ones, never stop working as long as their body still can.
I'm having to start thinking about setting aside some money for a pension now that I'm a full time brazilian jiu jitsu instructor.
Nothing like losing the comfort blanket of a work pension scheme.
I can't imagine to go retired...I love my job and I could never enjoy my life without doing it. And I think if I'm to weak or to ill to do it, I wouldn't like to live any more... I hope I'll be able to work what I work till the day that I die...and never be in situation I have to consider retiring...
I`m socked how aspected year after retirement is going up.
interesting~it seems there's no exact age for retirement~
I hope once I retire from my athletic trainer career that I have enough cash to travel the world.
I pity for those people who still work even if they already retired... Government should take some actions on this matter!
Thanks for sharing..