Retirement Age

According to the Employee Benefit Research Institute, the typical age of retirement today is 62-years-old for men and a slightly lower number for women. However, the retirement statistics are expected to change soon in the U.S. This change will take place as the demographic bubble of baby boomers begin to reach the age of retirement. This will change the ratio of seniors ready for retirement to the rest of the population.

A major key impact on upcoming retirement is the troublesome economic climate that fell into place mid 2008. Many seniors' bright outlooks and plans for retirement took a drastic turn as the value of their hard-earned retirement savings took a nose dive. The economic downturn is causing many seniors to involuntarily exit their highest earning years early, moving on to retire or to start a lower paying or part-time job.

The economic problems facing baby boomers may not impact their retirement age as much as their quality of life in retirement. Ideally, retirement is at a time and age predetermined and planned for during the period of a person’s highest period of income. Early retirement may be forced upon the baby boomers now for reasons totally out of their control. Unfortunately, exiting the work force may not be according to their fond hopes for freedom to experience the leisure quality life of their dreams.

The average age of retirement, or withdrawal from the work force, has been steadily dropping for the last 100 years. According to WiseGeek, the average age of retirement in 1910 was 74. Studies by the Employment Benefit Research Institute show that the age of retirement closely follows eligibility for Social Security benefits.