For 300,000 or so years Humans have worked until they dropped, however since the 1930s
in America this hasn't been the case. Americans expect to retire at 65. Younger ones at 67.
It was expected that Social Security and Medicare would cover much a retiree's needs
and savings would take care of the rest.
Most Americans have their savings invested either in their homes, or in the stock market,
or in a pension fund that is invested in the stock market.
Over the past 10 years we have seen both the Stock market wealth destroyed but also the housing market destroyed. We can argue that this was by accident or by design, but one thing that is not arguable is that many of those baby boomers who thought they were going to retire at 65 will now have to work until 75 or 80 before retiring.
President Obama was the first mainstream politician to mention Social Security and Medicare are going to get cut in his speeches of recent weeks. He didn't use the world "Cut" but rather he used the word "Change" but we know what that means, it's like X in math, it means whatever you want it to mean for the given problem.
So either buy cuts or by inflation and probably a combination of both, those baby boomers will be getting about 60 cents on the dollar if they are lucky compared with what they thought they would be getting just a few years ago.
Now a politician can't tell you, sorry you have to work until your 80 years old.
However your own financial circumstances can explain the facts of life to you much clearer, and louder than any politician ever could. Those baby boomers will come to the conclusion that they just can afford to retire at 65.
So does this mean we humans are going back to the norm of the past 300,000 years
and this concept of retirement was just a dream?