Date
17 November 2017
Almost one in three Americans aged 65 to 69 is still working, along with almost one in five in their early 70s. Photo: Bloomberg
Almost one in three Americans aged 65 to 69 is still working, along with almost one in five in their early 70s. Photo: Bloomberg

Americans retiring later, dying sooner, statistics show

Americans are retiring later but dying sooner, Bloomberg reports, citing the latest statistics from the US Society of Actuaries.

The US age-adjusted mortality rate rose 1.2 percent from 2014 to 2015, according to the data released last week.

That’s the first year-on-year increase since 2005 and only the second rise greater than 1 percent since 1980, the report said.

But while life expectancy is stalling, a growing number of US workers are waiting longer before retiring due to public policy and individual career circumstances.

As a result, the age at which they can claim their Social Security checks is gradually moving up, from 65 for those retiring in 2002 to 67 in 2027, Bloomberg said.

Almost one in three Americans aged 65 to 69 is still working, along with almost one in five in their early 70s.

That’s mainly because many feel that working longer will allow them to save up more for their retirement.

However, another study published in the scientific journal Health Affairs shows that Americans in their late 50s have more serious health problems that people of the same age 10 to 15 years ago. 

That suggests that while many are enduring longer years in their careers, they may face shorter retirement.

At the current retirement age of 66, a quarter of Americans aged 58 to 60 rated themselves in “poor” or “fair” health, according to a survey on middle-aged Americans’ health.

That’s up 2.6 points from the group who could retire with full benefits at 65, researchers from the University of Michigan found.

Researchers have offered a slew of factors as to why Americans’ health is getting worse. These include drug overdose, alcohol abuse, obesity, and even suicide.

All these grim statistics may be good news for pension companies that must send a monthly check to retirees for as long as they live.

According to the latest figures from the Society of Actuaries, life expectancy for pension participants has dropped since its last calculation by 0.2 years.

A 65-year-old man can expect to live to 85.6 years, and a woman can expect to make it to 87.6, Bloomberg said.

As a result, a typical pension plan’s obligations could fall by 0.7 percent to 1 percent, the report said.

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CG

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