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Even with the "so-called normal retirement age" set to climb to 67 from 65 in the next two decades, the years people spend in retirement relative to their working years will increase as Americans are living longer, Greenspan said.
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I don't know how much I'm buying this. With the average life expectancy at 77, this only gives a decade of retirement on average. Is that enough time to enjoy the fruits of a life's worth of toils?
Ideally, as a nation advances economically, its people should enjoy an increased standard of living. I think an increased standard of living would include a decrease of the number of hours worked per week and/or a decrease in the retirement age. Americans, however, are working longer hours for more years. Are we starting a downturn in our overall national economic story?