In the mid-1990s, the average American woman retired by age 59 and the average man retired by age 62. The average retirement ages had increased by 2010, 62 for women and 64 for men, respectively. Rutledge (2015) cites some factors behind this increase: declines in retiree health insurance (RHI), Social Security reforms, less physically demanding work, the shift from defined benefit (DB) to defined contribution (DC) plans, and a better-educated, healthier, and longer-lived workforce. These factors influence the Baby Boomer’s (born in 1946 to 1964) decision to delay retirement.
The reverberations of the retirement freeze have financial bearings in the future, particularly on millennials (born in 1980 to 2000). Millennials will have