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1 1 (May 5, 2022)

handle is hein.amenin/aeiaeip0001 and id is 1 raw text is: Key Points * rver the past 30 years, the average retireren t age has increased by a bout three years, rorn 62 to 65. * At the upper end of the retirement age distribution, the increase was even larger, about five years. * The increases are widespread----among rnen, women, and different educational achieve- rment groups. * Ages in Social Security, Medicare, retirernent tax, and other areas of governrnent poli;cy should be adjusted to reflect these increases now and in the future, as these trends will likely continue. Knowing the trend of retirement in the noninstitutional- ied population helps in evaluating macroeconomic and labor market conditions and various tax, retirement, and health policies in the public and private sectors. This type of anailsis is typically done by examining labor force par- ticipation rates from the US Bureau of Labor Statistics, based on the Current Population Survey (CPS)J Rates are often. separated by age, gender, education, and other factors. It is perhaps simpler and more intuitive, though, to take another approach: calculating the average retire- ment age, based on the same data. I define the average retirement age in a particu- lar year as tie age at wich 50 percent of the relevant population is out of the labor force and not working2 i separate different populations such that I calhuate the average retirenent age for everyone, men and women separatey, an three different educational levels--- gh school :education or less, some college, and college degree or more. I also calculate the ages at which 25 and 75 percent of these populations are still in the labor force, to indicate the range of experience over time. These neasures for retirenent age, particularly at the 75th percentile, may be regarded as a somewhat low estimate of labor market activity at those ages because they include some people whose attachment to the labor force is minirmal more permanently. These people iclude, for exanple, those woi are disabled or are takng care of children, grand- children, or older relatives, The data shown in tis report give the r2-month roll- ing average retiremtnt age for ac h month betwenc Jan- uary 1990 and August --- The labels 25th Percentile, 5oth Percentile, and 75th Percentile in Figures i---6 refer to the age at which labor force participation falls below z,, rn, and 75 percent, respectively. If tli partici- pation rate drops below a boundary more than on due to small increases in the participation rate with age, the oldest age of the drop below the specific rate is taken. Te1 - shaded areas in the figures indicate recessions according to National Bureau of Economic Research daring. In Figure 1, the average retirement age (middle line, ?o percent) was fairly steady through the 199os, at

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