Is The Average Retirement Age Increasing?

10 Apr 2015

Many Americans appear to be giving up on retirement. It’s a sad fact, but there is evidence that seems to back this up. According to a recent poll by the Associated Press, from 2012 to 2014, the average actual retirement age among retirees rose from 59 to 62. Another recent study from Gallup projected that 80% of Americans over 50 will continue to work longer. According to the Pew Charitable Trusts, 21% of the 7,000 households they surveyed said they are never planning to retire.

There are many reasons why this trend seems to be increasing, and not all are bad. The idea of just resting or slowing down is not something a lot of people think about anymore. People are living longer and they often want to stay active well past their “retirement age”. The fact that families with a head of household ages 55 or older that carried debt increased from 2010 to 2013 didn’t help either. Many people work longer, or get a job after they retire to cover bills and other expenses. Things like poor savings habits and wanting to stay on company health insurance add to longer working years as well.

So, if retiring at 62 with a pension and a gold watch is your vision of retirement, you might want to rethink your retirement. You may have some better reasons to continue to be productive in the workforce.

Good Luck!!

Jeffrey Johnston, ChFC
Investment Advisor Representative

Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Premier Investments of Iowa, Inc. are not affiliated.

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Jeffrey Johnston

Jeffrey is originally from Solon, Iowa. He currently resides in Swisher, Iowa with his wife, Prudence, and his three children, Seth, Ian, and Roman. He graduated from the University of Northern Iowa in 1989, where he majored in Finance and Investments. He has 24 years of experience in the investment and estate planning business. He is currently the President of “Premier Investments of Iowa, Inc.” Jeffrey’s main focus is Estate and Investment Planning for Senior Citizens and Pre Retirees. Jeffrey became a Chartered Financial Consultant (ChFC) in 2001. He is the author of many articles on industry related topics and he is a frequent seminar presenter. He is a Board Member TRIAD Linn County Seniors Against Crime, and he is also a past Board Member of the Heritage Area Agency on Aging Task Force. He is a member of CEO Roundtable in Cedar Rapids, a Daybreak Rotary Member, and a member of the Cedar Rapids Estate Planning Council. In March of 2009, Jeffrey became the host of the Premier Investments of Iowa Financial Hour which airs every Tuesday Evening from 6PM -7PM, on WMT 600 AM Radio. In his free time he enjoys golf, fishing, scuba diving, traveling, and coaching son’s basketball teams.