Why the average retirement age is rising Social Security, pension type, and education are factors that have contributed to the rise in the retirement age since the mid-1980s, writes Alicia H. Munnell, director of Boston College Center for Retirement Research, in this article on MarketWatch. Other factors that have also spurred an increase in retirement age are improved health and longevity, jobs becoming less physically demanding, writes Munnell. "While all these factors help explain the gains since the mid-1980s, I was concerned that they had played themselves out. At least for men, though, the increase in the average retirement age from 63.9 in 2013 to 64.6 in 2015 is encouraging."
Here's how much the average 40-something American has saved for retirement Data from Economic Policy Institute show that the average retirement savings balance of households headed by people in the 44-49 age bracket is $81,347, according to this article on Motley Fool. The amount may not be enough to secure retirement, as Fidelity says that people in their 40s should have amassed retirement savings equivalent to four times their wage income. People should not rely on Social Security for retirement income, as it is not designed to fully cover their needs in retirement.
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