When Will You Retire?

When do you plan to retire?  Retirement age has been going up every year and does not seem to stop.  Research shows that more and more people are working longer and as a result they are retiring later?
Do you know the average retirement age?  The average age of someone who is retiring has reached 67 years old.  That is a huge change from the mid 1990’s.  In 1996 the average age of retirement was just 60 years old.  So if you still want to retire at age 60 you will have to retire early and make sure you have what you need to be retired.
Some of this does have to do with the recession, high unemployment, housing bust, and financial crisis.  Retirement plans have taken a big hit since the recession started, and it will take a while to get those plans back to where they were.  For many getting close to retirement, they may not have the time needed to get their retirement plans back to where they were.  They will most likely have to continue to work until they do have what they need to be retired.
With all that going on, the younger workers seem to be more optimistic than their older peers.  This may be because they feel by the time the get to the age that they will begin thinking about when to retire, things may be better.   They feel they have the time to wait for the economy to come back and change things where as their older peers do not have the time to wait the same amount of time before retiring.
In fact the younger workers, those under the age of forty, do believe that they will still be able to retire at the age of 65.  Their older peers, those over 40 years old, feel that when they are 65 years old they will still have to continue to work.  They feel that they will not be able to retire until they are about 68 years old.
It is expected that in the coming years the average age of retirement will continue to climb.  It seems as though the major reason for this is money.  People want to have enough money that they can live comfortably when retired and not need a job part time or otherwise.  They want to be able to pay their bills, buy groceries and other necessities, while still having money to buy birthday and holiday presents for their family.  Many retirees like to travel as well they finally have the time to do so, so they want to have the money to do so without interrupting their safety net for everything else.  
It seems that they age in which you will retire depends a lot on the economy.  It will also depend on your money situation.  The earlier you start saving for retirement the better off you will be.  Depending on your age you could end up working longer than your parents had to do to be able to retire.  Much could change before then though, if the economy gets better, who knows, the average retirement age may come down, or at least stay the same and not get higher.

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