The average reported retirement age has risen to 61 today, up from 57 in 1991. For those who have not yet retired, their target date for retirement has also increased to age 66 currently, up from 60 in 1995.
The age of retirement has crept higher in the past three decades, and Americans can expect to work even longer in the future.
Changes to Social Security payouts enacted in the 1980s are affecting decisions for workers nearing retirement age, and they provide incentives for people to stay employed longer to maximize their monthly benefits after they retire. Those born after 1960 are not eligible for full Social Security benefits until age 67. Retirees are eligible for reduced benefits starting at age 62.
According to a recent Age Wave report, the top financial worry in retirement in the U.S. was the cost of healthcare and long-term care. Only 22% of U.S. retirees have budgeted for their health and long-term care expenses, and two-thirds of U.S. preretirees say they have no idea what their health and long-term care costs may be in retirement.Additionally, a study by Allianz Life found that a majority of Americans say their income is not keeping up with rising expenses.
Based on the nature of the study, Gallup’s findings could not explain the discrepancy between actual retirement ages and expectations, Jones said.
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