Monday, August 22, 2011

The New Retirement Age

In 1949 the average retirement age for men globally was 64.3. But by 1993 the average global retirement age had fallen to a low of 62.5 These retirement statistics come the Organisation for Economic Co-operation and Development which analyzed retirement ages in 30 countries which have national retirement plans.

Today the age is 63 at which private-sector employees with full-time work in an uninterruped career can first draw retirement income and other retirement benefits from the respective national pension schemes without any penalties or reducions. The estimate is the average retirement age will rise to 64.6 by 2050.

All sorts of studies indicate that anywhere from 25 percent to 50 percent of Americans plan to work past the traditional retirement age of 65. Some plan to never retire but as a columnist recently stated, "Not planning to retire is not a retirement plan."

The important point here is that there will be a big disonnect between the percentage of Americans who plan to work past 65 and those who actually are able to do so. A recent study indicated that currently only 16 percent of American men work past their 65th birthday.

Here are are a few funny retirement quotes for your enjoyment:

    Retirement Age? For Many, It'll Be 80
    — Headline on Smart Money Website

    Sentimentalists are they who seek to enjoy without incurring the Immense Debtorship for a thing done. It is a happy pastime and an important science to the timid, the idle, and the heartless; but a damning one to them who have anything to forfeit.
    — George Meredith

    A happy retirement doesn't require oodles of money, nor should it mean fighting the cat for food.
    — Shelley Fralic, Vancouver Sun

    It helps to have money in the bank, too.
    — Jeff Schlegel, writing in about The Coming Retirement Wave