Additional information on the retirement age in the United States
Societal changes, technological advancements and domestic social welfare pension policies have all contributed to a general lowering of the average retirement age. Although the average retirement age has remained relatively steady between 63 and 65 for decades, age demographic disparities are set to threaten the continence of this trend. The retirement age is similarly low in other developed countries subject to the same trend.
The average retirement age of workers in the United States and the effect it has on the wider economy and society has become an important focus. In recent years many countries, including the United States, have acknowledged the issue of aging populations and the potential strain this may put on the economy. The danger lies in rising pension payments and gaps in the labor force upon the looming retirement of the so-called baby boom generation born following the Second World War.
While there is a commonly accepted consensus that the government should play at least a role in the provision of financial means to retirees, policy action in regards to this growing problem has been minimal. Such an approach will do little to minimize the existing fears held by retirees over payment of basic needs and medical expenses. Perhaps as a response to these concerns, many current workers in the United States expect to continue working in a full or part time capacity upon reaching the retirement age.