A new Gallup poll has found that the average retirement age for Americans is now 62 — the highest age since the organization began tracking U.S. retiree data more than 20 years ago.
What’s more, the expected age at which most non-retirees anticipate closing shop has gradually crept up, from 63 in 2002 to 66 in 2014.
In 1991, when Gallup first conducted its yearly Economy and Personal Finance survey, the average retirement age hovered right around 57 years old. However, in the last decade that number has increased to 60, and broken 62 in the last couple years.
Why the Delay?
Experts believe one possible cause may be Baby Boomers staying in the workforce longer than expected. The economic recession hit many older Americans hard, draining what money they had put aside for retirement and forcing them to defer retirement in order to rebuild savings.
Although the expected retirement age has historically been higher than the average age of retirement, Gallup has witnessed both numbers slowly rise in recent years.
“This likely reflects the changing landscape of retirement, including longer life spans, changes in Social Security benefits and employer-sponsored retirement plans, and lifestyle choices such as a desire to keep working after reaching the traditional retirement age,” the polling agency observed.
Millennials: Retirement before 55?
Even as the average age of retirement hits its highest level in decades, a growing number of young Americans remain optimistic that they will retire at a much younger age than their parents and grandparents.
According to the poll, about 11 percent of 18 to 29-year-olds anticipate leaving the workforce before the age of 55. Thirty percent of non-retired Americans of all ages responded that they expect to retire before 65.
The analysts suggest that this optimism may be due to the fact that “younger Americans, given the many years they have until retirement, may not understand the financial realities and challenges of funding retirement that middle-aged Americans are more familiar with.”
Regardless, saving for retirement is the top financial concern for most Americans, according to another Gallup survey. And the gap between actual vs. expected average retirement age is likely to dwindle as younger generations get closer to retirement age.
Enjoying Your Golden Years: Precious Metals to the Rescue
Investing in gold and silver can be a great way to put money aside for retirement.
Not only do precious metal investments retain their long-term value better than paper assets, but they also help diversify your portfolio and protect you from hits during economic downturns.
A great way to increase your retirement savings is to open a self-directed IRA. Experts at Provident Metals can help you set up an IRA and figure out which metals — gold, silver, platinum or palladium bullion — will have the strongest impact on your retirement savings.
Helpful tip: Find out if you’re on track with this easy-to-use retirement calculator.
How are you saving for retirement? Will you be ready in time?
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Although I am personally a holder of precious metals, I think silver has potential we can’t even comprehend right now, Folks looking to retire might want to look at the reverse mortgage programs that are available today. FHA and HUD regulated, it might surprise you what you can do with one.
Thanks for your thoughts, Tyler!