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Getting Older, but working longer: the average age at retire

 

Tuesday, Mar 31,2009, 12:13:05 PM   Click:


Copyright: The News-Sentinel, Fort Wayne, Ind.
Source: News-Sentinel, The (Fort Wayne, IN)
Wordcount: 867


Mar. 30 - Editor's note: This is the fourth in a five-part series of a joint project by the News-Sentinel and Wane, Channel 15. Each Monday, we will see the subjects of the region and the impact on residents.

To retire or not to retire. That is the issue that threatens the men and women throughout the country that are near or at retirement age will be asking that their nest eggs plunge.

"Obviously, people take a second look from the date on which they are comfortable in retirement," Boston College Eschtruth Andy said, referring to the financial health of people, mostly people of 60 years. Eschtruth Director External Relations Assistant for the Center for Retirement Research at college.

"For many years, the average retirement age for men has decreased during most of the 20th century.

"In the mid-1980s, it had dropped to 62 or 63 and remained there for 20 years."

But new data compiled by and published recently by the Center for Retirement Research shows the age of retirement has increased significantly. The Center examined data from the U.S. Department of Labor, the definition of the average age of retirement as the youngest age at which at least 50 percent of men left the labor market.


"Over the past two years, he was jumping, and now the average age is about 65", according to figures from 2008. "Even if it does not sound like a lot, it makes a dramatic departure from what it was about 20 years."

The U.S. Bureau of Labor Statistics reported in July that more than 65 workers increased by more than 101 percent between 1977 and 2007.

Financial advisor Ben Collier is not surprised by these figures. When he started the company in 1994, "Our client was an average of 70 years," he says of his business, financial Collier, 5904 E. State Blvd. "Over the past five years, we worked more adults who were children of the elderly - people who had planned to retire at 62 or 65.

"They are not on retirement planning at the same age," he said. "They know they will have to work to fill the hit they have suffered."

They are also looking at ways to ensure the safety of their pension funds. Collier does not sell financial stocks or mutual funds, not fixed annuities, which have a guaranteed interest rate. The unstable stock market is a boon for him.

"We are definitely on track to have one of our biggest years ever," he said, noting the already-retired and those approaching retirement are looking at safe investments. "People in retirement dollars have been sunk in a bad economy in a way that was never expected. In addition, you live longer and your health insurance costs will continue to be higher. "

Yet, he says, "There are really many opportunities for people who have been on the market. If you did not lose much money, you can get up in the morning and throw a dart and you'll hit good stocks, large companies that are not far. "But overall, he said," There is more focus on protecting what you have. "

"Protecting what you have is also the reason why older workers are delaying retirement. Those who have jobs are held, the longer and delaying retirement. And maintaining employment or finding a new one, it is not just making up for lost investments. According to a report from Fidelity in August on the 69 percent of baby boomers intend to work in retirement, two thirds said the reason will be to cover the costs of basic subsistence.

"I do not even review I will have Social Security," said Collier, who is in his mid-30s.

On the other hand, for the recently laid off or retired older workers, return to the workforce in May becomes more difficult. In January apolitical economic and social policy researcher Urban Institute in Washington, said the unemployment rate for adults 65 years and over has reached a high of 31 years of 5.1 per cent. These are people seeking work or who have indicated that they had lost their jobs.


At the same time, the overall share of adults 55 and older had not diminished. One factor to consider is that the people of this age group is growing.

Collect accurate data on retirees and older workers is difficult, Eschtruth said, noting: "There was never a clean way to do it. The government has no official definition of retirement. "Nevertheless," The data are consistent in what we see is increased levels of older workers in the labor market. " The reality is, he says, "We'll probably have to work longer."

The retirement age

The latest data from the Center for Retirement Research at Boston College and the Bureau of Labor Statistics show a dramatic increase in the average retirement age since 2002. 1962 66 1964 66 1966 66 1968 66 1970 65 1972 65 1974 65 1976 65 1978 64 1980 64 1982 63 1984 63 1986 63 1988 63 1990 63 1992 63 1994 62 1996 63 1998 63 2000 63 2002 63 2004 63 2006 64 2008 65 * 2008 estimated



This is an information service of Thomson Business Intelligence Service © 2006. This content is only for your personal use, subject to the terms and conditions. No redistribution allowed.

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