The new retirement age is 70: U.S. financial adviser

美國財務顧問：新退休年齡為70歲

Taiwan's average retirement age also rising

TAIPEI (Taiwan News) – People should not retire a month or even a day earlier than 70 because they need enough money to fund their retirement for decades to come, U.S. personal finance adviser Suze Orman told Money Magazine.

According to the interview, which was reported on by the Chinese-language China Times, healthy people in their sixties have a 50 percent chance of living until they are 90 or older.

As a result, working people should first make sure they have enough funds to spend during their years of retirement, Orman said, mentioning the example of her mother, who lived to be 97.

The high cost of U.S. health care and the uncertainty of the programs due to political disputes in Washington, D.C. plays an important role in the uncertainty about retiring, she said.

“Every dollar you don’t spend in your 60s is a dollar that can keep growing for your 70s and beyond,” Money quoted Orman as saying.

Until now, most people would count on retiring at 60 and save enough money to last them another 15 years paying for essential items and for health care, but as people live longer, they should work until at least 70 and prepare a sufficient amount of funds for 30 years of retirement, Orman advised.

Taiwan is following the same trend, with the average retirement age rising from 55.2 in 2006 to 58.6 in 2016, the China Times noted.