Final answer:
The student's inquiry relates to Social Studies, focusing on the economic aspect of retirement. Constants such as Social Security and changes in the workforce, like the expectations to work past retirement age and the retirement of the baby boomer generation affecting wages and employment, are included in the discussion.
Step-by-step explanation:
The question related to the level of retirement one might have achieved ties into Social Studies, specifically with economic implications and understanding shifting demographics and their effects on the workforce. Regarding retirement savings, financial advisers typically recommend that individuals aim to save around 10 times their income for retirement by age 67, although this can vary. Moreover, historical context is given with the emergence of Social Security in 1930 as a significant advancement for American workers, providing a pension after a set number of work years and reaching retirement age, which has increased from sixty-five to sixty-seven for those born after 1959.
It is also noted that currently, many U.S. workers expect to continue working past the traditional retirement age. In a survey from 2013, 76% of workers believed they would have to work past retirement age, a sentiment that reflects concerns over adequate retirement savings. As for the baby boomer generation, their mass retirement is expected to impact wages and employment levels, potentially leading to increases in wages due to reduced labor supply, which can be graphically depicted using supply and demand curves.