Originally Posted by
Andy
62 has the draw of being able to collect early social security.
65 is a big number because one's now covered by Medicare.
67 is full retirement age for social security - it's a draw, but not nearly as large as 65/Medicare.
Not only were pensions lost, but medical coverage in retirement was also severely reduced or eliminated. That significantly incentivized staying to 65.
THIS^^^^^.
Your comments on health care coverage are spot on.
Medicare at 65 is huge. If one has a spouse that is not yet Medicare eligible, then for that reason alone another year or two of group health insurance coverage is priceless.
While I have no data to back up this opinion, availability and costs of health insurance is the largest factor, by far, affecting the decisions people make regarding early retirements or going into business for themselves.
For people who have pre-existing health issues, it even influences what state they choose to live in.