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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.
According to a 2015 analysis of CPS labor force participation data, the average retirement age* in 2013 was about 64 for men and about 62 for women, about the same as a decade ago. (p. 1, 3, fig. 5). *Average retirement age is defined as the age at which the labor force participation rate drops below 50 percent.