Tuesday, May 1, 2012

For Many 67 Is The New 65 When It Comes To Retirement

A new poll By Gallup has found 26 percent of people expect to retire before age 65, with 27 percent expecting to retire at age 65 and 39 percent after age 65.

The percentage that expects to retire after age 65 was up from 21 percent in 2002 and 12 percent in 1995. 

The Gallup poll found an increase in the average age at which retirees actually retired -- from age 57 in 1991 to age 60 today. The average retirement age first reached 60 in 2004 and has generally held there since.

That average should increase in future years if current non-retirees delay retirement, as they say they will.

The younger non-retirees were more optimistic about being able to retire at an earlier age than those closer to retirement. Those currently age 40 and under expect to retire at age 65, compared with an expected retirement age of 68 for those 40 and older

The survey also indicated a new low of 38 percent of non-retirees who said they will have enough money to live comfortably in retirement, down slightly from 42 percent last year and 59 percent in 2002.

It's easy to conclude that the dream of retirement is going to stay just a dream for many. The majority of retiree's  in their 60's, 70's, and 80's will continue to be employed out of necessity.

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  1. Wow, those are some amazing stats. Seems to me the whole concept of retirement--if that means no longer earning money through a job--is just about obsolete. I'm 55, and I intend to work part-time as long as I have a few useful brain cells left and can find interesting and fun opportunities. Besides the money, it keeps me engaged with a network and my brain and body a bit more active than otherwise. Besides, my wife said I had to. ;-) It's all good.

    1. I see it as being able to do what you really want to do without being tied to a job you don't like. But if you really enjoy your job, why retire. It must be possible to cut back your hours or transfer your skill set to some other incarnation of work.

  2. Saying good bye to a day job is our view of retirement. And that is good- not tied up to 9-5 day job. But retirement should never mean good bye to activities as well. I know a Professor from Germany who visited our country to share his expertise. He has white hair but still very active. He's 75 years old! Oh well, he has retired from Bielefeld University but his activities has not generally changed.

    Retirement should mean doing great things without the pressure of a boss or hitting some quota.

    Best regards,

    1. Retirement rules are being rewritten everyday. With the bulk of people giving up on a traditional retirement, entrepreneurship is going to grow and be the rule. Out of necessity many boomers are set up businesses that produce a living and fit into a retirement lifestyle.


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