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.