France is going through riots right now over the President's action to hike the retirement age from 62 to 64. But the same thing could occur in the U.S. - except not many might mind.
This is because a recent Gallup poll shows that people are retiring at later ages than those in the past three decades. In 1991, people retired at an average age of 57. Now, the average retirement age is 61.
Moreover, as of July 2022, those who are not retired say that they expect to retire when they are 67. In other words, people expect to retire at much later ages today compared to the past.
Fixing Social Security With Higher Ages
Medicare is projected to start having shortfalls in 2028 and Social Security will follow in 2032.
That is why some say that one way to fix the present problem with Social Security is to raise the minimum retirement age for those in their 20s now.
U.S. workers are not eligible for full Social Security retirement benefits until past age 65. Most are between the age of 65 and 67 when they can reach FRA (Full Retirement Age) picking up full benefits.
However, the minimum age is 62 years to begin receiving Social Security benefits, albeit at a discount, and with limits on how much outside income can be earned at the same time until FRA.
The bottom line is that many people are retiring later in life in the U.S., according to the data. Gallup says that significantly few people are retired in the group of those between the ages of 55 and 74. That is compared to the same age group at the start of the 2000s.
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Mark R. Hake, CFA, writes articles on national and local news, stocks, and market events at InvestorPlace.com, Barchart.com, Medium.com, and Newsbreak.com as well as TalkMarkets.
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