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Source: Gallup

 

Some key data points:

• The average retirement age has crept up by four years over the past two decades, from 57 in 1991 to the current 61

• The average nonretired American currently expects to retire at age 66, up from 60 in 1995.

• More than half of nonretirees aged 58 to 64 expect to retire after age 65, compared with 36% of nonretirees aged 50 to 57, 38% of those between 30 and 49, and just 26% of those younger than 30.

• The average age that current U.S. retirees said they retired is now 61, compared with 59 in 2003 and 57 in 1993.

• Gallup has found that Americans aged 60 to 69 who work have slightly better emotional health than those who do not work, and this relationship is stronger for Americans in fair or poor health.

 

Category: Data Analysis, Wages & Income

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

11 Responses to “Average Retirement Age Up to 61 in USA”

  1. DeDude says:

    This is the exact opposite of where society needs to go. As technology takes over jobs and reduce the total number of work hours available (or hours needed to produce what consumers can afford), people need to work fewer hours through a lifetime and spend more hour in retirement. Market forces are pushing in the opposite direction and basically driving society over the cliff.

  2. key-bit says:

    More research showing retirement is harmful to your health:
    http://www.bbc.co.uk/news/business-22550536

    All of us under 30 should thank our governments for making us work longer so we can live longer.

  3. MidlifeNocrisis says:

    I agree with DeDude. I grew up hearing about retirement a lot. My mother retired at 54 and my father retired at 53, so it was a conversation topic that was heard around the house when I was a kid. Both of my parents wanted “early” retirements, planned for it, and found a way to do it.

    The family talk rubbed off on me. I was lucky to retire in 2011 at age 55, and although I lived life below my potential standard of living my whole life (didn’t need that new car every year – didn’t need a mansion), I do have a pension of sorts to go with my investment account.

    My bias is that I think people should not have to work beyond age 60 unless they desire to. There are too many fun activities and places to see after reaching that age.

  4. stonedwino says:

    Most people do not, cannot and will not retire with a lot of money. That will make retirement less than desirable, whether you like it or not. Only those that are able to and do plan ahead, can actually afford to retire early and maintain a fun active lifestyle. For the vast majority of suckers, an early retirement means an early death. Look at Florida…it is the elephants graveyard…I’m almost 47 and love what I do. I’m in the wine business and my plan is to work in some capacity as long as I can. The key to longevity is an active lifestyle. Makes it easier when you love what you do…

  5. Jack says:

    It would be nice to know from what jobs the retirees retired. It would be nice to know how many years the retirees worked. It would be nice to know how many jobs the 58-61 retiree held before retiring.

    I’m in the wine business also. Consumer side.

  6. Mr.-Vix-It says:

    Why do people think they are going to save up and start traveling after they retire? People should travel while they are still mobile between 30-60 years old. There are so many physical health issues after 60 that you won’t be able to walk let alone fly in a plane for more than a couple of hours. Traveling is for the young and not retirees who end up watching television for the remainder of their lives in-between trips to the doctor.

  7. stevedwight says:

    The trend makes sense, but the average retirement age was 57 in the early 1990′s? Really? I find that hard to believe. Maybe they are including a lot of part-time, second-earners who just left the workforce. Doesn’t make sense. I work in a fairly high-income environment and I rarely run across people retiring before 60.

  8. CSF says:

    Who said people are spending less time in retirement? Life expectancy has increased about 3.5 years from ’91 to ’13, so the time in retirement has basically remained the same.

  9. S Brennan says:

    “I’ve referenced this before, but here’s the Social Security Administration study. Look at Table 4: since 1977, the life expectancy of male workers retiring at age 65 has risen 6 years in the top half of the income distribution, but only 1.3 years in the bottom half.” – Paul Krugman

    http://krugman.blogs.nytimes.com/2010/11/10/income-and-life-expectancy/

  10. Blissex says:

    «life expectancy of male workers retiring at age 65 has risen 6 years in the top half of the income distribution, but only 1.3 years in the bottom half.»

    Sure, but the divide between women and men is even more significant. OASDI and Medicare are largely massive transfers from men to women, as men to die earlier and quicker and pay more taxes and contributions and retire later than women. More precisely they are large transfers from poorer men to better off women.

    The study Krugman references is about “Mortality Differentials and Life Expectancy for Male” only because males are the net payers, and if they start living longer and paying less than OASDI is in trouble, because they stop providing the huge “profit” that is used to pay oversized benefits to better off women.

  11. DeDude says:

    My concern with the Social Security Administrations data and prediction of the future is that they like the CBO are bound to use the data of the past to directly predict the future, with little if any wiggle room. This is understandably done to avoid politicized cherry picking of presumptions (ala Ryan budget). However, we do know that there is a developing epidemic of obesity, that will dramatically shorten life spans.