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Most Americans stop working around age 62— and not because they want to.
Aimee Picchi of Moneywatch cites a new research from the Transamerica Center for Retirement Studies showing the typical American retires far earlier than he/she expects to, and it’s often not by choice. The median retirement age in the U.S. is 62, and large number of people in this group can be classified as being in a “financially precarious” position. The nonprofit Employee Benefit Research Institute reported similar data earlier this year. A Transamerica survey of more than 2,400 retirees found the median age when Americans claim Social Security benefits is 63, despite the fact that they would collect far more per month by waiting. Health reasons and a lack of information and understanding of Social Security are reasons often given for this. Full piece here.
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