Long lonely years until death. US life expectancy and retirement age for men and women.
Life expectancy is rising faster than time at work. That means old retirees have long years until they die: men on average 13 years and women almost 20 years.
A recent Bloomberg article said Americans are dying early and retiring late. However, looking at the long term trend, this argument is completely false.
The plot above shows that the life expectancy in past 40 years have risen by about five years for women and seven years for men.
During the same period retirement age has barely budged for men and has hovered between 62 and 64 years. For women, it has steadily risen by six years but still hovers well below for men, at around 60.
Since women live longer and retire earlier than men, they are expected to live in retirement for almost twenty years! That’s a long period without contribution to the workforce and a lot of social security payments by the government.
Average time in retirement for men is about 13 years. Although lot of older retirees still work part time to stay busy, this is still a long time if savings are low–a hot topic that concerns Americans today. If there are serious health concerns, this time may feel even longer.
Source: Life expectancy data from CDC report on US health (page 43) (excel data); Retirement age data from Center for Retirement Research at Boston College (excel data)
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