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That $2 million also happens to be the implied booty of your average California policeman who retires at age 55. Typical cities in California have a police officerâs retirement plan that works as follows: 3% at age 50.
For example, for workers born in 1944 (the cohort that attained Social Securityâs normal retirement age of 66 in 2010), the CRR methodology yields an average retirement age of 62.2 for men and women combined (Figure C). However, the labor force participation rate for this cohort peaked at 84.3 percent at age 46.