Listen Now: The Ideal Retirement Age: Is It Time For You To Hang It Up?
You may have an ideal retirement age, but reality may get in the way.
According to an article just published in U.S. News and World Report, a Gallup Poll found working Americans expect to retire at age sixty six. But most retirees don’t actually stay on the job nearly that long. Gallup found the average retirement age has been sixty one since 2011.
According to Frank Newport, a Gallup senior scientist, the lower actual age could be based on positive developments, that people end up having more money and more wherewithal to retire than expected. Or there could be negative developments, such as people losing their jobs or have worse health that anticipated.
U.S. News also reported other surveys have found a significant gap between the age workers anticipate retiring and when they actually leave their jobs. An Employee Benefit Research Institute survey reports forty eight percent of workers expect to retire after age sixty five, but only nineteen percent of retirees stay on the job that long.
So your best financial advice is to plan now for all possible outcomes.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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