There are billions of dollars in these target-age retirement funds, and for years and years that felt like a safe place for people to invest.
Retirement age We asked every planner to state the earliest reasonable age of retirement for Ernest, who was born in August 1945 and is about to turn 53.
The online Social Security Statement also provides an estimate of your retirement benefits at age 62, full retirement age, and age 70 along with survivor and disability benefits.
The default retirement age means people are no longer expected to leave their posts by the current retirement age of 65 for men and 60 for women.
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French workers were resorting to industrial action in protest at the plans of President Sarkozy to increase the retirement age to 62. (Lucky, in the UK, the new coalition government is moving the retirement age from 65 to 66).
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Were Congress to raise the retirement age to, say, 70 years old, this would provide all the leverage these companies need to raise the retirement age in their own corporate pension plans allowing the companies to defer paying the benefits they promised their workers and provide more time for these companies to deal with these underfunded plans.
You could start your survivor's benefit at age 60, and then flip to your own retirement benefit from age 62 on, although the benefit would be reduced if you started it before your full retirement age.
For example, if you are near retirement age and your own benefit is similar in size to your spousal benefit, you could take your spousal benefit at your full retirement age and delay your own benefit until age 70, Mr. Mahaney says.
If you are divorced, both you and your ex can collect spousal benefits (on each others work histories) after full retirement age while still postponing taking your own retirement benefits until, say, age 70, when they are as high as can be.
More than half of us won't have enough money to maintain our living standards in retirement even if we work to age 65, about two years past the average retirement age, according to various estimates.
Some must now go, thanks to a new law reducing the age of retirement from 65 to 61.
Just as Northern European countries such as Iceland and Norway have raised the age of retirement, so must every prospering economy.
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"Next week we are taking the same model to help people who might be just over the age of retirement and their socially or rurally isolated, " he said.
These include one measure to delay the age of retirement on full pension for women, another to abolish the state minimum pension and replace it with a sliding scale, and a third to reform health schemes run by trade unions.
The mayor will also propose raising of the age of retirement for city workers to 67, require city workers to pay a larger share of their healthcare benefits, and will announce that a significant number of layoffs for union workers are in the cards if Los Angeles is to bring its finances under control.
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As all of these worker punishing factors began at roughly the same time as millions of Americans who are now reaching the age of retirement would have begun saving for their non-working years, should anyone be surprised that the average American is now facing a longer retirement without anywhere enough money to pay for it?
Workers with personal accounts choose their own retirement age, with the incentive to delay retirement as is feasible to allow further account accumulations.
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That way you would choose your retirement age, you would have far more in retirement income than the current system can possibly pay and the politicians couldn't mess around with it.
Italy's unique years-in-work system of calculating pensionable age is to be phased out, and the statutory retirement age will be pushed back.
In principle, such a compulsory age is discriminatory, but the European directive allows countries to set a national retirement age.
If you wait to collect your retirement benefit after you reach your full retirement age, but before you hit age 70, you have to wait until the next January to see your full delayed retirement credit show up in your monthly check.
If the age for collecting full Social Security benefits were raised to 68 from 65, and the early retirement age to 65 from 62, the savings to Social Security would be tremendous.
In June, economists at the Boston College Center for Retirement Research issued a report that said that by age 65, half of households would be ready for retirement and by age 70, more than 85% would be.
By the time you are 67, which is the designated retirement age, you should have saved eight times your salary to replace 85% of your income in retirement.
And the age at which one retires differs, too, with many retirees opting out of the workplace at earlier than full retirement age.
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He is the U.K.'s only cardinal of voting age, and he was not due to step down until March 17 when he will reach the church's retirement age of 75 years.
She added that almost a third of working age parents rely on grandparents to provide childcare - and more than 900, 000 people are working past the traditional retirement age "either because they want to or because they can't afford to retire".
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The main effect of the new law was not an increase in the numbers of people working beyond the age of 65 but a big rise in severance pay for people leaving at what until then had been the mandatory retirement age.
It projects that almost 64% of households age 50-59 in 2007, would be set for retirement at age 70, compared to just 52% of those households if they retired at age 65.
And I already had planned this out for the day that I would reach retirement age.
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