Table 2. Retirement and retirement intentions, timeseries. Table 3. Characteristics of retirees. Table 4. Previous job of retirees. Table 5. Reasons why retirees ceased last job. Table 6. Main source of income at the start of retirement. Table 7. Main source of income for retirees in Table 8. Superannuation and lump sum details of retirees. Table 9. Age people intend to retire. Table Age people intend to retire by superannuation and current income.
Transition plans to retirement. People who came out of retirement. Populations by state or territory of usual residence. All data cubes. Download zip [1. Previous catalogue number This release previously used catalogue number Single Accounts Corporate Solutions Universities. This statistic shows the retirement income in China in , by source. In , 2 percent of the respondents in China said that during their retirement they will rely on the support of their children or descendents.
Loading statistic Show source. Download for free You need to log in to download this statistic Register for free Already a member? Log in. Show detailed source information? Register for free Already a member? More information. Other statistics on the topic. Demographics Total population of China Economy Unemployment rate in China Economy Average annual salary of an employee in China , by region.
Economy Minimum wage per hour in China , by region. Profit from additional features with an Employee Account. Please create an employee account to be able to mark statistics as favorites. Unlike the Social Security take-up data, this survey measure presumably does not count people who worked part of a year before retiring.
A less subjective way to define retirement is based on labor force participation, excluding anyone who is working or who is unemployed and seeking work. By this measure, CRR estimates that the average retirement age is around 64 for men and 62 for women Munnell The problem with this measure is that it pegs the retirement age too low by counting full-time homemakers, people with long-term disabilities, and others who are outside the workforce as retired.
However, the labor force participation rate for this cohort peaked at That means that nearly 16 percent of this cohort was not in the labor force at the time when their labor force participation was highest. So when their labor force participation rate dropped below 50 percent, nearly six of 10 people who were working at the peak were still working.
A more logical estimate of the average retirement age is the age at which half of the workforce as opposed to half of the civilian population has left the labor force. According to Current Population Survey data, the labor force participation rate falls to half of its peak at age A better estimate of the average retirement age is the age at which half of the nondisabled workforce has exited the labor force: However, it does count anyone who works at all even very part-time as not retired.
There are a couple of problems with the argument for raising the retirement age to offset alleged early retirement. It does not. In other words, early retirees receive lower monthly benefits over a longer period of time.
Second, the suggestion is that workers can offset benefit cuts by working longer. And because many people are unaware that lifetime Social Security benefits are the same whether a worker retires at age 62 or 70, 5 the idea that Americans tend to retire early reinforces the myth that Social Security is in trouble because Americans are living longer but not working longer.
The fact that the average nondisabled worker is still working in his or her mids calls into question the common assumption that workers will be able to offset proposed Social Security cuts by working longer into old age.
It could be argued that nonworking spouses and disabled workers are properly included in these measures because they are also eligible for Social Security benefits.
For example, while the average retirement age of women has fluctuated over the years, labor force participation of women in their prime working years has risen.
The higher participation of women has more than offset a decline in the participation of men. Figure D shows an overall increase in labor force participation despite ups and downs in the participation rate for the oldest workers. The decline in work among men in their 40s and 50s raises concerns about a lack of jobs for less-educated older male workers, but this is a separate issue from Social Security.
Even though work effort for the population overall has increased, there is still room for improvement. For example, disability rates have increased due to many factors, including the impact of a weak job market on workers in poor health and the decline in health insurance coverage. Raising the Social Security and Medicare eligibility ages would exacerbate this trend, but expansionary macroeconomic policies and other job-creation measures would alleviate it.
Such policies would also help middle-aged men without college degrees, teenagers, and others who are more likely to drop out of the workforce when jobs are scarce. The focus on the average retirement age is a distraction from the more important question of how much Americans work over the course of their entire working lives. However, as long as people pay attention to these statistics and draw policy prescriptions from them, they should be as accurate as possible.
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