June 19, 2012
Is 62 Dead (as a Retirement Age)?
The average U.S. age for men retiring from work has gradually increased to 64. Yet age 62 continues to be held out as the popular standard, perhaps because that’s Americans’ marker for Social Security eligibility.
Is retirement at age 62 destined be a casualty of dovetailing medical, financial, economic and even political trends? Many baby boomers are already postponing retirement into their mid- or even late 60s. One study found that claiming Social Security at 62 is becoming less popular, a trend that is expected to continue despite the hardships of the Great Recession.
Wisconsin’s failed recall election for Governor Scott Walker suggested growing U.S. voters’ disdain for generous pensions and early retirement ages, even as Europeans protest government proposals to raise public employees’ retirement ages. Rhode Island has already raised its employee retirement age to 67, from 62 previously. And voters in San Jose just approved measures to scale back public worker pensions that included an increase in the retirement age.
Squared Away readers, where do you stand? Have you or will you retire at age 62? Tell us about your situation or your theories!