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Social Security and the Age of Retirement

Author

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  • David Rosnick

Abstract

Unlike a century ago, people expect their children to live past the age of retirement. This fact has important implications for how workers save for retirement, but has no specific implications for the retirement portion of Social Security. In addition, the increase in life expectancy is not nearly as important as it might first appear. A significant part of the increase in life is between birth and age 20. Including declines in child and teen mortality exaggerate the increase in retirement length. Furthermore, much of the gains in life expectancy come during working years—between age 20 and retirement. This means that workers are not only experiencing longer retirements, but longer working lives as well. Finally, each succeeding generation has been vastly more productive than prior generations—a trend that will continue. Thus, not only have workers on average more years of work over their lifetime, they are better able to save for their retirements.

Suggested Citation

  • David Rosnick, 2010. "Social Security and the Age of Retirement," CEPR Reports and Issue Briefs 2010-13, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2010-13
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    File URL: http://www.cepr.net/documents/publications/ss-2010-06.pdf
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    Citations

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    Cited by:

    1. Hye Jin Rho, 2010. "Hard Work? Patterns of Physically Demand Labor Among Older Workers," CEPR Reports and Issue Briefs 2010-19, Center for Economic and Policy Research (CEPR).

    More about this item

    Keywords

    social security; retirement; retirement age;
    All these keywords.

    JEL classification:

    • H - Public Economics
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • J - Labor and Demographic Economics
    • J1 - Labor and Demographic Economics - - Demographic Economics
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy

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