Andrew Biggs Explains Why There Is No Single Official Retirement Age for Americans Today
Andrew Biggs, a senior fellow at the American Enterprise Institute, states that there is no official retirement age because it is an ill-defined concept. While many Americans previously viewed 65 as the standard, the rise of 401(k) plans and shifting Social Security rules have made the retirement timeline more complex. Research shows that while 62 is the most common age for claiming Social Security, the average American worker actually retires at 62. However, 67 is the current full retirement age, and benefits max out at 70. Experts suggest that because of increased longevity and less physically demanding jobs, the average retirement age has risen steadily over recent decades. As the Social Security program faces potential funding shortages by 2032, policy experts suggest that the full retirement age may be pushed even higher to ensure the program remains solvent. For now, Americans must navigate multiple milestones, such as Medicare eligibility at 65 and the full Social Security benefit at 67.