The average American now expects to retire at 67 years of age, more than seven years older than they expected in 1996, a new poll shows. Those over 40 also expect to retire less comfortably than they once thought and believe they will not have the money to fully fund their post-work life.
A Gallup new poll released Friday shows 39 percent of Americans expect to retire after 65, up from 21 percent in 1995. In actuality, the age at which the average American actually retires has risen, but less sharply than public belief, from 57 to 60 between 1995 and 2004. The retirement age has remained steady at 60 since then.
Americans also believe they will be less comfortable in retirement than they once thought. In 2002, 59 percent of Americans believed they would have a comfortable retirement. That number has dropped to 38 percent this year, down from 2010's 42 percent. A high of 64 percent of over 40 Americans doubt they'll have enough money to fund their life post-retirement.
This number is less among younger Americans. Nearly 50 percent of 18 to 39 year old believe they will have the funds necessary to retire.
Gallup attributes these dips in Americans' retirement optimism to "recent shocks to the economy such as the recession, the financial crisis, the housing bust, and stock market volatility" and states it believes numbers will bounce back once the economy fully recovers.
by RTT Staff Writer
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