This Is How Long It Will Be Before You Can Retire

First, the good news: After creeping up incrementally since the 1980s, the average retirement age seems to have leveled off — at least, for men. The bad news: It’s probably later than you want to hear, and women’s average retirement age will probably continue to rise. New research from the Center for Retirement Research at Boston College says that, as of 2013, the average retirement age for men was 64, and roughly 62 for women. Alicia Munnell, director of the Center for Retirement Research and author of the new study, says financial incentives to delay drawing Social Security, the shift from pensions to 401(k)s and the unavailability of Medicare until the age of 65 all are part of the reason behind the increase. The recession and its aftermath yielded two more counterbalancing trends: Many older Americans delayed retirement after their 401(k)s shrunk, but others who were laid off had a hard time reentering the workforce. This isn’t the situation any longer, Munnell says.

Topics:  boston college   alicia munnell   medicare   americans    women’s    the   gdp   center   retirement research   munnell    munnell    munnell   social security   long   age   average   working   continue   participation   workforce   news   upward   leveled   labor   shift   trends   trend   increase   bigger   force   people   
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