From 1992 to 1995, the rate leveled. Increases again led to one million personal bankruptcies in 1996 and 1.35 million in 1997. This was 8 times the rate during the Great Depression. Studies from the Universities of Texas and Pennsylvania noted that the typical bankruptcy involved a well-educated, middle class baby boomer with large credit card debt. Retirement Retirement has no Biblical basis or precedent.
Retirement is a relatively new concept in human history.
Age 65 isn't old. When social security was created, the average life expectancy was 63 years. Now it is 75, and it is projected to be 81 by 2040. People over 65 are not worse workers than younger workers, especially since there is less manual labor.