A key initiative in this act regulates the cost of elder care with a maximum charge of $225.90 per month for services. By comparison, the average cost of assisted living in the United States is $4,500 per month, according to the National Council on Aging (NCOA). In addition, Swedish older adults with physical disabilities can access transportation in adapted vehicles at a tax-subsidized cost. Swedes also prioritize home health care, rather than a dormitory like model, where aides engage their patients in conversation and facilitate social activities. 

In Denmark, retirees are eligible for a statutory pension between the ages of 63 and 69, depending on their year of birth. They’re also eligible for supplements to cover things such as medicine, heating costs, dental care, and more. Health supplements, for example, may cover up to 85% of one’s expenses, depending on one’s assets. To receive a Danish State Pension, which is $2,166 (or about £1,651) one must have participated in the labour market for at least 27 hours a week for 20-25 years. 

The Danish government guarantees that all seniors who need housing accommodations will be accepted into a nursing home or assisted living facility within two months of being on the list. Retirees with no income pay an average of $217.5 to live in an assisted living facility, a cost that is automatically deducted from one’s government pension. 

Finnish seniors become eligible for a state pension at age 64 and three months, which is also the most common age at which people leave the workforce. They are eligible for three varieties of pensions: a national pension, a "guarantee" pension, and an earnings-based pension. The latter two are there to "ensure a minimum income for persons who have only a small or no earnings-related pension due to a short working life or low earnings", according to the Finnish Centre for Pensions.  

"It's really a balancing act when choosing when to retire," says Sarah Bonza, a board-certified family physician who specializes in menopause and women's hormonal health. While she doesn’t advocate for an endless career, she is mindful that retiring too early can lead to a decline in one's physical and mental health: "During my years practicing as a family physician and providing hospice care in the United States," she says, "I’ve observed that once you retire early, you lose your daily routine. Structure is lost, including one's sense of purpose, which can lead to symptoms of anxiety or depression." 

But will the younger generation of Americans even get to make that choice? According to a recent study put forth by the TIAA Institute, “Fewer than half (47%) of those not yet retired are “very” or “somewhat” confident they will reach this milestone when intended; 15% don’t plan to retire at all. Confidence is lowest among Americans ages 22-34 and Hispanics (each 37%).” With a hard to access and limited social safety net, many Americans choose to retire later (when able to retire at all) in order to maintain access to healthcare and critical income. 

A July 2023 poll by Axios and Ipsos shows that one in five Americans believe they will never be able to retire. "When it comes to how Americans finance retirement, few feel Social Security will cover most of their expenses," according to the report. They’re probably correct, as the survey also shows that "nearly one in five retirees (19%) say that Social Security covers a quarter or less of their expenses."

This observation is borne out by the research. A 2020 study by Dr. Markus J Haapanen of the Folkhälsan Research Center et al examined the relationship between "frailty" and early or late retirement age among male executives. The study found that both extremes were predictive of increased frailty. Dr. Jaapanen writes that "the lowest prevalence of frailty was observed in former business executives who retired at ages 66-67 years." 

Psychiatrist Gary Small says that, overall, people are able to enjoy the benefits of retirement when they "have adequate financial resources and good health," adding that "retirement also increases the risk for developing cognitive decline in older adults, so premature retirement could further burden society with the costs of care of a larger pool of patients with dementia." In other words, when the social safety net is in place to provide healthcare, adequate housing, and community for our elders – not just a private savings vehicle like the US 401K – they can stay sharp and thrive in their later years.

This, too, can be tracked in research. A September study from TIAA Institute explores the connection between wealth and longevity and finds those with more finances literally live longer. “Between two cohorts turning age 65 a decade apart, disability-free life expectancy gains accrued only to the wealthy,” write the authors, adding that the bottom wealth quartile of the cohort actually experienced  disability-free life expectancy losses of 0.04-0.24 years, depending on gender. 

When considering the problem of retirement, the questions are often of timing. When is the right age to retire? When should one begin saving for retirement? Looking at the Scandinavian models, perhaps the question should be one of method. Not when, but whether the systems in place reflect the physical and emotional needs of older citizens.