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Gallup poll finds age of retirement in U.S. has risen to 62

Gallup Poll finds that both the age of retirement and the age at which U.S. workers expect to retire have gone up.
By Frances Burns   |   April 28, 2014 at 10:34 AM  |  Updated April 28, 2014 at 10:57 AM   |   Comments

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WASHINGTON, April 28 (UPI) -- The average age at which today's retirees leave the workforce in the United States has risen to 62, the Gallup Poll reported Monday.

That's up from 57 in 1991 and 1993, when Gallup first surveyed retirees, and from 59 and 60 for the years between 2002 and 2012. Last year, the average age of reported retirement was 61.

Gallup speculated that the baby boomers now hitting the traditional retirement age are more reluctant to leave the workforce and many may also be unable to retire because of financial losses during the economic downturn.

The age of expected retirement has also increased among those still in the workforce to 66 this year. In 1995, the average was 60, and 15 percent said they expected to retire before they turned 55 compared to 4 percent in 2014.

Young people in their late teens and 20s are more likely to expect to retire early with 15 percent saying this year they expect to do so by the age of 60. At the same time, 62 percent of those in that age bracket said they would be at least 65 compared to 58 percent of those aged 50 to 64.

Gallup surveyed 1,026 people aged 18 or older between April 3 and April 6. The margin of error for the entire sample is 4 percentage points.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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