The End of Retirement

The average retirement age in the U.S. has increased in the past 25 years to 66 or older, according to the Wall Street Journal. Overall, people are working more — a half-hour longer every weekday versus 12 years ago — and spending less time socializing, attending community events, or participating in recreation and exercise, reports the U.S. Bureau of Labor Statistics. People's careers are getting longer, too. Today, the only age group with a growing labor participation rate is those 55 and older. Half of workers polled don't expect to retire at 65, according to a 2018 survey of 6,372 workers by the Transamerica Center for Retirement Studies. Thirteen percent plan never to retire. Rising health care costs and Social Security shortfalls are among the biggest concerns of people approaching retirement.