The United States has one of the highest retirement ages in the developed world. The full retirement age for Social Security is 67 for those born in 1960 or later, and it will gradually increase to 68 for those born in 1969 or later. This is significantly higher than the retirement age in most other developed countries. For example, the full retirement age in Canada is 65, while it is 66 in most European countries.
There are a number of reasons why the US retirement age is so high. One reason is that Americans are living longer than ever before. The average life expectancy in the US is now 78.6 years, up from 62.1 years in 1950. This means that people are spending more years in retirement, and Social Security is therefore under more strain.
Another reason for the high retirement age in the US is the fact that the country has a relatively young workforce. The median age of the US workforce is 38.1 years, compared to 40.2 years in Canada and 43.3 years in France. This means that there are fewer workers to support each retiree.
The high retirement age in the US has a number of consequences. One consequence is that many Americans are forced to work into their 70s or even 80s in order to make ends meet. This can be physically and emotionally draining, and it can also limit people's ability to enjoy their retirement years.
Another consequence of the high retirement age is that it can exacerbate income inequality. Wealthier Americans are more likely to be able to retire early and live comfortably in retirement, while lower-income Americans are more likely to be forced to work into their later years and struggle to make ends meet.
The high retirement age in the US is a complex issue with no easy solutions. However, it is an issue that policymakers need to address if they want to ensure that all Americans have a secure and comfortable retirement.
Here are some additional details about the retirement age in the US:
The full retirement age for Social Security is the age at which you can receive your full benefits without any reductions. However, you can start receiving benefits as early as 62, but your benefits will be reduced.
If you are married and your spouse is still working, you can claim spousal benefits as early as 62, even if you are not yet at your full retirement age.
You can continue to work past your full retirement age, and your Social Security benefits will continue to grow. However, you will not receive any additional benefits for delaying your retirement past your full retirement age.
Here are some of the factors that can affect your retirement age:
Your year of birth
Your earnings history
Your marital status
Your health
If you are planning for retirement, it is important to talk to a financial advisor to get personalized advice. They can help you assess your retirement needs and develop a plan to reach your goals.
Related: Teamwork Makes the Dream Work (and Stops the Burnout): Why Individual Productivity Isn't Enough
Considering retiring in the US? The full retirement age is among the highest in developed countries. Learn why, how it affects you, and what you can do to plan for a secure future!
Source: Newsweek
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