SavvyPoll Number Three

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.

Retirement Ages

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

D. Never

The Results…

Poll #3

 

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

23 Comments

  1. I’m going to have to go with never. Of course, I do plan on working much less starting at age 35, but I never see myself doing nothing. Even if it’s only working for an hour or two a day, I’ll always do something.

    • Your answer is noted. Your response, along with other thoughts on retirement I have read, has led me to conclude that people definitely think of retirement differently. For some it appears synonymous, or nearly synonymous, with doing very little; not being engaged or active.

      Perhaps that is a future blog post…what ‘retirement’ means to different people. Surely the plans one makes with regards to retirement will be shaped by how they view retirement.

      For me, inactivity is not retirement at all. I have every intention of being active and engaged in numerous activities. Like you, I will always be doing something. However, I will not be working for someone else nor have my schedule dictated by someone else or the confines of a job. For me, retirement does not mean laying around the house watching TV. It means being in a position financially that I am not reliant on earned (labor) income; my passive and portfolio income will allow me to do the things that are important to me (e.g. golfing, traveling, teaching, volunteering, exercising, etc.) completely on my terms. It is all about having choices.

      Thanks for adding to the conversation and make sure you check back Wednesday for the results.

  2. A Google+ reader states…

    “B. Unless I can convince my wife to be a minimalist. At which point it will be the next day.”

  3. Forecasting my life 30+ years from where I’m at right now is pretty near impossible, so I’ll vote A to be an optimist about what will happen the next few decades.

    • While it is true that no one knows exactly what the future holds, particularly 30+ years, one thing is certain; if you don’t have a plan with a target destination, you could end up anywhere on the map…probably not in a good place. At the end of the day it isn’t important if you retire right at 60, 61, 62 or any other age. The key is if you manage your financial life successfully you will be better prepared to handle obstacles that wind up in your way and you will have choices later in life. No money, no – or fewer – choices.

      Thanks for stopping by, DC and check back Wednesday for the results.

  4. A Google+ reader opines…

    “A. I firmly believe that the opportunities we have access to in America give us the ability to retire early IF we can be determined and disciplined.”

  5. A very difficult question to answer. We might plan or try to predict what will happen 10, 20 or 30 years down the road but with all the twists and turns of life these days one can never anticipate where they will be so far into the future. That being said, I answer C.

    • Agreed that there can be a number of unexpected twists and turns over any 10+ year period. I touched on that very idea, as it relates to retirement planning, here. As noted by Robert Burns, “The best laid schemes of mice and men often go awry.”

      Thanks for stopping by and offering your thoughts. Check back Wednesday for the results.

  6. A Google+ reader notes…

    “A. Before 60. Currently retired.”

  7. B for me

    • Got it, Brad. Check back Wednesday for the results.

  8. Probably closer to 65…

    • Noted, my friend. Thanks for stopping by and check back on Wednesday for the results.

  9. Never.

    • Noted, my friend. I assumed that might be your response based on comments yesterday. However, you still need a retirement plan, lest circumstances beyond your control dictate a retirement.

  10. Put me in the 60 – 65 category

  11. My parents are 63 and working hard as ever. No signs of slowing down.

    • What about you, Stefanie? Have you given much thought to when you might retire? Also, are your parents working hard as ever because they didn’t plan as well as perhaps they should have or because they love what they do?

  12. It’s definitely 60.

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