The pressure to be financially prepared for retirement is evident in the recent Gallup finding that saving for retirement is Americans’ top financial worry.
According to a 2011 Wells Fargo/Gallup Investor and Retirement Optimism Index survey, the value of investments is the key factor determining when pre-retired investors say they will retire, followed by their health, the cost of healthcare, and inflation. However, according to a more recent Wells Fargo/Gallup survey, U.S. investors are highly cautious about retirement savings, saying they would prefer secure investments with low growth potential over investments with high growth potential and a risk of lost principal.
The average age at which U.S. retirees report retiring is 62, the highest Gallup has found since first asking Americans this question in 1991. This age has increased in recent years, while the average age at which non-retired Americans expect to retire, 66, has largely stayed the same. These trends in Americans’ actual vs. expected age of retirement are from Gallup’s annual Economy and Personal Finance survey, conducted April 3-6, 2014.
Americans’ average self-reported age of retirement has slowly moved upward. Gallup conducted several polls in the early 1990s and found that the average retirement age was 57 in both 1991 and 1993. From 2002 through 2012, the average hovered around 60. Over the past two years, the average age at which Americans report retiring has increased to 62.
Retirement age may be increasing because many baby boomers are reluctant to retire. Older Americans may also be delaying retirement because of lost savings during the Great Recession or because of insufficient savings even before the economic downturn.BACK TO LIST