The average retirement age is higher than traditional measuressuggest, according to a new Economic Policy Institute briefingpaper. “The myth of early retirement” explains why existingmeasures of average retirement age are misleading and suggests anew, more accurate measure.

Over the past 25 years, people have begun retiring later andlater. According to the paper’s author, economist MoniqueMorrissey, the share of 55- to 64-year-olds currently in the laborforce is the highest on record, and the share of workers who are 55or older is now the same as it was 50 years ago.

“Existing measures of the average retirement age are problematicbecause they either include people still working for pay or becausethey count people who are not in the workforce to begin with, suchas disabled people and full-time caregivers. A better measurecalculates the average retirement age as occurring when the laborforce participation rate of the non-disabled workforce is at halfits peak. Using this measure, the average retirement age iscurrently 65.5,” the report found.

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