by Tyler Curtis
In America the retirement age has been traditionally considered to be 65. Economic uncertainty, insufficient savings, and other factors are causing workers to postpone retirement longer than ever. The financial blog Lemon examined the results of Gallup’s recent Economy and Personal Finance poll about when today’s workers intend to retire. The results of this poll can be seen in the infographic at the bottom of this post.
You’ll notice a dramatic shift in the average expected retirement age from 2002-2012. Many societal and economic forces may be causing this shift in retirement-age projections. The baby-boom generation is now approaching the traditional retirement age of 65, and the expectations this large demographic group has about the nature of retirement may differ from previous generations. Additionally, the nation’s workforce has faced a major recession in recent years, perhaps increasing the perceived value of retaining a job, given decreasing expectations of money for retirement because of the declining value of 401(k) and other retirement accounts.
Do you know when you will be able to retire? The most staggering take away from this poll is how few people know the answer to this question. If you don’t have a plan in place for your retirement or an investing strategy designed to replace your monthly paycheck, please contact us for an initial free consultation. We would love to help you get on the right track.