On ongoing discussion point with clients throughout the year is retirement planning is how much is enough. Working with financial planner over the years I know that this is a very specialized answer for each individual or couple.
But according to a recent Gallup poll, the average age at which retirees in the United States have reported to be retiring at, is 62, which is the highest that has been observed since the census was conducted in 1991. The average age at which non retired Americans expect to retire, 66, has remained the same since 2002, when it was reported to have expected to have been 63.
In 1991 and 1993, the polls reported that the average age of retirement was 57, but from 2002 to 2012, the average was 60 years old. Within the past two years, the age of retirement has increased to 62. It is suspected that the reason why retirement age is increasing is due to Baby Boomers who either lost savings during the ongoing Great Recession that began 2008 or because of insufficient savings for retirement.
To discuss your personal needs or for a referral to a financial planner please contact our office.