In 2004, workers ages 51 to 56 reported a 33 percent chance of working past age 65--up from 27 percent for workers that age in 1992. Expected full-time work after age 62 increased as well. Lower rates of retiree health insurance offers from employers, higher levels of educational attainment, and lower rates of defined benefit pension coverage accounted for most of the increase. The recent uptick in average retirement ages appears to be the leading edge of a long-term trend. Lengthier careers may promote economic growth, increase government revenue, and improve individual financial security at older ages.
To reuse content from Urban Institute, visit copyright.com, search for the publications, choose from a list of licenses, and complete the transaction.