How did age 67 become the universal retirement target age?
When I started as a financial planner in the mid-80s, I distinctly remember using age 62 as the prime target age for retirement. We only used age 65 as a “back up,” since that was when full Social Security benefits kicked in.
Now it seems like every retirement calculator out there starts at age 67. Try the AARP calculator—age 67 is the default. Have we suddenly fallen in love with working so much that we, as a society, choose to work five years longer? I don’t think that’s the case.