Changes in the Average American’s Retirement Plan

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Retiring at 65?

Concerned about retirementIf you were expecting to be able to retire at 65, you may want to double check your calculations. A recent Gallup poll shows that the retirement age has risen to an average age of 67 from 65. The retirement age has been increasing for almost twenty years, in 1995 the average age of retirement was 60 and in 2004 the average age was 64. Interestingly, those workers age 40 and older are planning to retire at an average age of 68 while those under 40 are expecting to retire at age 65.

Unfortunately, in recent years the number of people who believe they will be able to retire early has decreased significantly. In the past five years, financial insecurity has become a driving force for workers to delay retirement. Those older workers that lost their savings, investments and even the value of their homes in the recent economic downturn are expecting to stay in the workplace for an extended amount of time.  The Gallup poll found that even with the extension of working age more than half of the current workers do not expect to have enough money to be able to live comfortably.

Has the Retirement Age Changed?

Although the perceived age of retirement has increased the actual age of retirement has not changed for the past decade. Retirees have left their jobs at an average age of 59 or 60 since 2002. A third of the people that retired during this time retired between the ages of 60 and 64 and 14 percent of those surveyed retired exactly at age 65.

Although early retirement was a common possibility for our current seniors, it may not be a reality for the workforces that are looking to retire in the future. Are you prepared for your retirement? If you are nervous about retirement or you do not know how you are going to make ends meet after you retire, meet with a financial professional. Start planning and saving for your retirement years so you can be sure you are able to live comfortably.

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Q: How has the average American’s retirement age changed over the years?

A: The average retirement age has been gradually increasing. Previously, early retirement was more common, but now, due to various factors like financial insecurity, many are planning to retire later.

Q: What factors are influencing Americans to delay retirement?

A: Financial insecurity, mainly stemming from economic downturns affecting savings, investments, and home values, is a significant factor causing people to delay retirement.

Q: What are the implications of these changes for retirement planning?

A: The shift in retirement age implies a need for longer-term financial planning and strategies to ensure that individuals can live comfortably in their later years.

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