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November 13, 2017

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I haven't seen statistics on this but my thoughts on the retirement age is that fewer people are retiring at their "normal" retirement age. What is happening is people that planned ahead are retiring early (62 or earlier) while the rest are retiring later (70 or later).

In earlier generations most people just worked until the normal retirement age (65 - 66) because they relied almost totally on a pension and social security for income in retirement. Now pensions and social security are a smaller part of retirement income. If you don't have retirement savings you need to work much longer. If you do have a good amount saved, you can retire early.

9) More people are supporting their children, even in retirement.

I'm not sure that American's saving less is due to them spending more, at least on consumer-type spending. Real wages have been stagnant or declined since 1979, and rising health care costs (whether for insurance, co-pays, deductibles, or straight out-of-pocket expenses) have risen enormously. A huge part of this is that health care can do so much more now, but of course we have to pay for it ... We could also mention college tuition increases and student loans.

Yup, this all makes total sense to me. There's less employer- and government-supported funding for retirement plans, which means the responsibility to save falls on individuals. Well, individuals aren't fantastic about saving money unless they're forced to save. ;)

I would imagine there will also be:

9) More people are retiring extremely early (under 35) than ever before.

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