Did You Know?

Retirement: Not What It Used to Be

Life expectancy in the U.S. in 1910 was only 50 years, and only the very old ever reached the average retirement age of 74. Those who did manage to retire—only 1% of the population at that time—lived only an average 7 years after retiring.

But, as reported in the ElderWeb Newsletter, times have changed. Life expectancy is now 73 years, but the average retirement age has decreased to 62. So, today’s retirees—now 15% of the population—can expect to enjoy 18 years in retirement, nearly half as long as they were in the work force. Of course, this much time requires a lot of planning, and statistics show that most employees are not prepared.