Goodbye Golden Years: Americans Planning Late Retirement, Poll Finds

[Omaha Steve]

http://www.inthesetimes.com/working/entry/5917/gallup_poll_finds_americans_are_planning_to_retire_later/

Wednesday April 28 12:00 pm


Clayton Fackler, 72, works a checkout line at the new 2,000 square foot Wal-Mart Supercenter store in Bowling Green, Ohio. (Photo by J.D. Pooley/Getty Images)


By Akito Yoshikane

The number of Americans who are planning to work beyond the traditional retirement age has increased, according to a new Gallup poll released this week.

For the first time since Gallup began conducting the survey in 1995, the number of individuals planning to work beyond 65 years-old now outnumber those who are planning to retire before that age.

The trend toward postponing retirement has risen over the years and underscores the growing anxiety of American workers who fear they will lack income and savings during their twilight years. Baby boomers and young generations, struggling to create a nest egg amid a climate of cutbacks and scant benefits, are finding it difficult to rest easy.

When Gallup first asked Americans the age they plan on retiring 15 years ago, respondents were more optimistic about their prospects. In 1995, 50 percent said they saw themselves leaving the workforce before 65 years of age. But that confidence has steadily dwindled over the years. These days, fewer than a third (27 percent) believe they will be able to retire before 65.

Meanwhile, the number of Americans who see themselves working beyond 65 has grown. More than a third (34 percent) of non-retirees plan to work beyond that age, a stark difference from when only 12 to 15 percent thought they would be able to retire early in the mid-nineties.

The decision to work longer stems from fears that many are not saving enough for their futures.

FULL story at link.

[mediaman007]

1. At clerk wage levels, there will never be enough to save.

[liberal N proud]

2. I figure that I will continue to work past retirement age

May not be full time, but I figure I will need to be doing something.

1. Just to keep busy. Busy people stay healthier and I would go crazy sitting at home.
2. I will need some supplement to my income.

My company is no longer providing a pension and its too late to make up that amount before retirement.

[Xipe Totec]

3. I'm looking forward to a well Urned retirement

[madmax]

4. +1

[DrDan]

5. I guess a lot have just now figured out that those over-extended credit cards

will still need to be repaid

[iamjoy]

6. Soon Enough We Won't Have A Choice

I would bet that within the next 10 years, the government will raise the minimum age to draw full Social Security to 70. This won't affect folks over 60 (or maybe 55 at the time) but if you are younger than 45 now, don't count on retiring at 65 unless you are already wealthy or very fortunate with your investments

I hope I'm wrong

[old mark]

7. My wife "retired" very early - on permanent medical disability, and

I retired at 59 almost 3 years ago. We do not have the style of life we see on TV ads -, vacation homes, cruise ships, etc, but we own our home, love our garden, go to the gym regularly and are planning a long drive across the South this fall to Texas. We both have medical coverage and we are involved in cremation society to take care of the "last scam" of the funeral stuff. Neither of us have everything we ever wanted, but we never did, and we are both very happy to be where we are.

m

[customerserviceguy]

8. Who didn't see this coming

when they raised the age for full SS benefits to 67? I figure I'm going to work until then. I may have to even longer, if the system is broke by then, which I suspect is a reasonable possibility.