According to the statistics, the average retirement age for males climbed gradually from 1995 to 2020, when the COVID-19 pandemic began, and it increased steadily for women from 2015 to 2019. However, although older adults’ labor market participation has grown dramatically in recent decades, participation remains below where it was when Medicare was introduced in 1965, and further increases in the average retirement age are relatively improbable. In short, the recent reversal gives no justification for modifying the parameters of Social Security or Medicare. What It All Means Members of Congress might try to save money by raising the regular qualifying ages for Social Security retirement benefits and Medicare health benefits. However, if numerous retirement scholars share the perspective mentioned above, it’ll decrease the likelihood that the increases may be attributed to underlying labor market changes. The consequence for financial advisors offering retirement planning and income planning services is that assuming customers would tend to work longer hours may be a mistake. The Summary Social Security and Medicare helped decrease the average retirement age in the United States in the middle of the twentieth century. Changes in Social Security laws have aided in raising the typical retirement age in recent years. Other factors driving up the average retirement age include a shift away from defined benefit pension plans, which eliminated built-in financial incentives for people to retire relatively early; increases in typical education levels; a decline in access to employer-sponsored retiree health benefits; and improvements in the health of older Americans. Many of these tendencies have leveled out or begun to shift in a new direction. Also, progress in areas such as healthy life expectancy appears to have stagnated. While the percentages of men and women with work-limiting disabilities fell between 1980 and 2005, they remained broadly stable between 2006 and 2018. Additionally, assessments of a healthy life expectancy at age 50 – which combine the disability rate with changes in life expectancy – revealed actual losses for less educated white employees and less educated black men. As a result, significant advances in the capacity to work longer hours are unlikely to raise the average retirement age in the following decade.
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Bio:
Mike was born in Chicago, Illinois on August 13, 1946. He was brought up in thesuburb of Skokie on Chicago’s northwest side and graduated from Niles Township (East ) high school In 1964. Two years later he joined the US Air Force in November of 1966. After 2 years of Intense training he volunteered for Viet Nam and was sent toBien Hoa Airbase, which was 25 miles from Saigon, the nation’s capital. He volunteered for a number of especially dangerous missions on his days off, such as flying as a door gunner on a US Army helicopter and as a technical assistant on a psychological operation on an Air Force O-1E observation aircraft. Capping off his impressive accomplishments was winning the coveted Base Airman of the Month for March 1969, a feat which was featured in the Pacific Stars And Stripes newspaper read by every service man stationed in the Pacific theater of operations. After hisViet Nam tour of duty he was stationed at Luke Air Force Base in Glendale, Arizonawhere he met and married his wife, Lequita.He graduated from Arizona State University in May, 1973, and after a 30-plus year career as a financial advisor he joined a number of service organizations including Easter Seals and Valley Forward, sponsor of EarthFest. He was also involved with the National Federation of Independent Business and became the longest-serving chairman of the Leadership Committee ever. He spoke before the ( AZ ) House Waysand Means & Senate Finance committees. He then joined Disabled American Veterans ( DAV ) in September of 2015. He rose quickly through the ranks and became Chapter 8 Commander in May of 2019 where he served with Distinction for 3years before being “ termed outâ€. The next year, as Vice Commander, he won the title of National Champion Recruiter!
