Retirement Age

The typical retirement age for many, many years was considered to be 65 years old. In 1920, life expectancy was only 50 and retirement age was 74. Only about one percent of the people reached that age of retirement. It is very strange that as the age of life expectancy, rises the age of retirement goes down. In 1940, life expectancy was 61 with retirement at 70, but by 1970, people were expected to live until 67 and the retirement age was lowered to 65. At the present time, people could begin their retirement at the age as low as 62 years old.

The age of retirement does not mean that an individual no longer needs to work. In fact, fewer people are actually retiring at the age they become available. It was originally thought that people could retire and live on Social Security. That is no longer feasible. IRA and Keogh funds were started to add to the retiree's income. These were followed by 401K's and for a few years this worked out well. However, with the decline in the market and the downturn of our economy people have lost that extra cushion of funds making retirement almost impossible for those that become eligible in their sixties.

You will find seniors that are currently drawing Social Security supplementing their income. Some are fortunate to be able to retain their full time positions. Others now must work at fast food restaurants or convenience stores on a part time basis.