Most People Expect To Retire at 67, But 56% Retire Sooner – Can You Guess the Actual Average Retirement Age?

By Free Republic | Created at 2024-09-22 18:33:59 | Updated at 2024-09-30 09:31:16 1 week ago

Most People Expect To Retire at 67, But 56% Retire Sooner – Can You Guess the Actual Average Retirement Age?
Benzinga ^ | 09/20/2024 | Ivy Grace

Posted on 09/22/2024 11:21:53 AM PDT by ChicagoConservative27

Many plan to work well into their 60s or even 70s, thinking they can compensate for years of undersaving. But according to recent surveys, retirement may come earlier than expected for many Americans – whether they're ready for it or not.

The average retirement age in the U.S. is about 62 years old, even though most workers expect to retire around 67. In fact, more than 56% of retirees left the workforce earlier than they planned, according to a Transamerica survey. So, what's causing this gap between expectations and reality?

(Excerpt) Read more at benzinga.com ...

TOPICS: Business/Economy; Education; Reference; Society
KEYWORDS: expect; guess; retire; sooner

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Lady at work a few weeks ago. Retired at 68. Another woman who is 63 years old is itching to retire yesterday but is waiting to be at least 3 or 4 years older for more social security.

To: ChicagoConservative27

Another woman who is 63 years old is itching to retire yesterday but is waiting to be at least 3 or 4 years older for more social security.

Is it worth the wait?

To: ChicagoConservative27

3 posted on 09/22/2024 11:24:10 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)

To: MinorityRepublican

She’s been at the company for 42 years. The only job she’s ever had. She said she could wait

To: ChicagoConservative27

Work for the federal government and retire at 55 like my Dad.

5 posted on 09/22/2024 11:26:11 AM PDT by DFG

To: ChicagoConservative27

I retired at 65. 9 months later, I decided to go back to work and start tomorrow. Retirement is boring.

6 posted on 09/22/2024 11:26:31 AM PDT by AppyPappy (Biden told Al Roker "America is back". Unfortunately, he meant back to the 1970's)

To: DFG

Nice work, if you can get it.

7 posted on 09/22/2024 11:26:38 AM PDT by dfwgator (Endut! Hoch Hech!)

To: ChicagoConservative27

Millennial here. What is this “retirement” thing?

To: ChicagoConservative27

I retired at 56, my Wife at 54. That was in 1991.
I received a Special Early Retirement from Ford Motor Company and signed up for Social Security at age 62.
We are doing great and we are greatful for our good health and financial security.

9 posted on 09/22/2024 11:28:45 AM PDT by TNoldman (AN AMERICAN FOR A MUSLIM/BHO FREE AMERICA. (Owner of Staris and Bars Flags))

To: ChicagoConservative27

“Retired” at 67. Working part-time since 68. I’m 72. I’m hoping to work for at least one more year. When my contract ends, I might go nuts.

10 posted on 09/22/2024 11:29:23 AM PDT by JusPasenThru (We are so racist a woman has to pretend to be black in order to win the Presidency.)

To: MinorityRepublican

Is it worth the wait?

It depends. Break even point it around 80 years old if you wait from 62 to 70 to take it. So if you anticpate dieing before 80, take it at 62 or full retirement age.

A second factor is what you need to maintain your lifestyle. By holding off, your lifestyle in retirement will be higher. But if you have $3 or $4 million in a 401k, a few thousand a month less in social security benefits might not be anything to worry about.

11 posted on 09/22/2024 11:30:08 AM PDT by PAR35

To: AppyPappy

I was 60. Retirement is wonderful. It’s only boring if you don’t have a life.

12 posted on 09/22/2024 11:31:38 AM PDT by MayflowerMadam (I'm voting for the convicted felon with the pierced ear. )

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