As discussed recently in The Benefits of Working Longer post, I have every intention of retiring at 60. That does not appear to be the plan for many. A recent Gallup poll indicates that in the aftermath of the 2008 the financial crisis, many Americans are pushing back the age at which they retire.
Source: OECD, using average effective age of retirement from European and national Labor Force Surveys.
The poll indicates that the average age at which American retirees report leaving the workforce is now 62, the highest age since Gallup started tracking the issue in 1991. Also, the average age at which non-retired Americans expect to retire has also increased over time, from 60 in 1995 to 66 this year.
Similarly, the 2014 Retirement Confidence Survey (RCS) Fact Sheet #2 [Changing Expectations About Retirement] from the Employee Benefit Research Institute (EBRI) and Greenwald & Associates notes that in 1991, just 11% of workers expected to retire after age 65. This year, 33% of workers report that they expect to retire after age 65, and 10% don’t plan to ever retire. Never? Yikes! As might be expected, on the flip side, the number of workers expecting to retire before age 65 has decreased to 27% from 50% in 1991.
This week’s SavvyPoll asks, “At what age do you plan to (or did you) retire?”
A. Before 60
B. 60 – 65
C. 66 – 70