At what age do you expect to retire? Gallup poll finds most people are increasing their timeline to age 67
At what age do you plan to retire? According to a recent Gallup poll, the expectation of the average American is that itís going to be around age 67, a significant increase from the mid 90s, when most people assumed age 60.
Itís no surprise that the shift in expectations resulted from the recent shocks to the economy, including the recession, the financial crisis, the housing bust and stock market volatility. There are also rising concerns about the long-term viability of Social Security and Medicare.
As a result, more non-retirees are worried that they wonít have enough money to live comfortably in retirement. Only 38 percent of non-retirees expect to have enough money to live when they stop working, down from 42 percent last year. The percentage fell below 50 percent during the recession, and has remained below since then, Gallup found.
Gallupís annual Economy and Personal Finance survey of more than 1,000 adults also found a steady, though less steep, rise in the average age of actual retirement to age 60 today from age 57 in 1991, the company said.
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