Planning to retire at 65?

The % of people expecting to retire at age 65 has changed over the past 15 years according to a Gallup poll. In 1995, 47% expected to retire ate age 65 compared to 2007 when 57% said they would retire ate 65. Change in retirement plans apparently was due to health reasons (55%), change in the economy (32%) and to care for family (25%). Of course , life expectancy once you reach 65 has also increased. In 2008, you can on average expect to live another 18.7 years ate age 65 (men 17 versus women 20 years). 
As you know the usual age of retirement for example to receive Medicare is 65 but thee retirement age varies around the world. For instance in Greece it is 58 and in France it’s 60. Does that coincide with economic issues that have arisen recently in those countries? Consequently, the expected years in retirement for French workers (24) are much greater than the U.S (17.6). The actual average retirement age varies from 58.7 in France to 64.6 in the U.S and 68.9 in Japan. The Japanese have their minimum age at 67 and 14 years on average in retirement. Apparently, in France the retirement age was dropped from 65 to 60 to please the union workers in 1983 to go along with the 5 week holiday and 35 hour work week. Now, some of these countries are trying to reverse that but labor unions are making this difficult. So when you retire where does your income come from? A large % (40%) comes from Social Security, 24% from earnings, another 19% from pensions and annuities and the rest from income assets etc. I suspect the % from pensions is larger in Physicians. At least I hope so! What is striking is how many people think their spending in retirement will be a lot or a little lower (58%) when in fcat a full 33% said they spend as much in retirement as they did before that period. The average out of pocket health care expenditures for age 65+ citizens is $4631 annually, a 62% increase since 2006. Sixty % of this goes for insurance premiums. 
Comment: You will likely live longer than your parents, retire earlier and therefore need more savings than earlier generations. Social Security will be there for the baby boomers. For Generation X, the SS benefits will likely be reduced or available at a later age and for the Millenials, who knows?