Does Socioeconomic Status Lead People to Retire Too Soon?

Working longer is a powerful lever to enhance retirement security. Individuals, on average, are healthier,
live longer, and face less physically demanding jobs,
so they should be able to extend the number of years
worked. But averages are misleading when differences in health, job prospects, and life expectancy
have widened between individuals with low and high
socioeconomic status (SES). Thus, a single prescription for all no longer seems appropriate. Rather, it is
important to know: 1) how long individuals in different SES groups have to work to maintain their preretirement standard of living; 2) how long they plan to
work; and 3) what explains any gap between the two.