Most Americans retire between the ages of 62 and 64. And the average American is now expected to live to 79, meaning people who retire at 62 can receive 17 years or more of government benefits like Social Security.
But Americans’ practical ability to retire is in jeopardy, as The Heritage Foundation’s David John reported last fall:
Americans’ ability to build a secure retirement is increasingly in danger. In addition to Social Security’s rapidly approaching fiscal problems and underfunded traditional defined-benefit pensions, the retirement savings system is available to only about half of the workforce and needs other improvements before today’s workers can create sufficient retirement income.