Today, the average retirement age is 63. If people continue to retire at 63, they are going to face a severe decline in living standards at retirement for a number of reasons. First, at any given retirement age, Social Security benefits will replace less of pre-retirement earnings as the Normal...

With a contracting retirement income system and increased life expectancy, working longer has emerged as perhaps the most effective lever for improving retirement income security. More work at older ages should be entirely feasible for the bulk of the population, given that today’s workers are...

Most married men claim Social Security benefits at age 62 or 63, well short of the age that maximizes the expected present value of the average household’s benefits. That many married men “leave money on the table” is surprising. It is also problematic. It results in much lower benefits...