Topic 7 – Average Retirement Age


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In recent surveys, retirees were asked, and potential retirees were asked in a survey, how long they plan to work. How long do you plan on working? What’s your retirement age that you have set for your goal to retire and let your money that you’ve saved do the work for you? No longer will you receive paychecks at this point, you’ll now receive Playchecks. And those Playchecks should be set up so that they provide for what you want in retirement. Whatever those dreams are. Let’s look at our survey results. In this survey, average retirement age were calculated now, 41% of the surveyed non-retirees plan to retire at age 66 or older. Typically for boomers that falls right into the full retirement age when you get the maximum out of your social security benefits, unless you wait till age 70, you can get more benefits out of the social security system. And we’ll talk about that more at a different time.

37% of the retirees surveyed, retired earlier than planned. And 48% of the retiree surveyed plan to work into retirement. Here’s the conclusion that we draw from this average retirement age survey. What we expect may not actually match what happens. In other words, our health may get in the way, we may not be able to work as long as planned, perhaps we’re downsized at our current form of employment. And it’s difficult for us at retirement age to find another source of income. Or perhaps we just decided that we have reached our number and it’s time we got there earlier than we expected. That would be a positive thing.