The average age of retirement in the U.S. has now climbed to the age when one becomes eligible for a reverse mortgage, with a majority of Americans report retiring at 62, according to a recent Gallup poll.
Americans’ average self-reported retirement age has increased in recent years to age 62 after hovering around 60 from 2002 through 2012, as reported by Gallup’s annual Economy and Personal Finance Survey conducted earlier this month.
Baby Boomers’ reluctance to retire, whether due to recouping lost savings before the Great Recession or having insufficient savings before the downturn, may be one reason more Americans are opting to put-off retirement.
For those who are not retired just yet, the average age at which they expect to enter retirement has been consistently higher than the average age at which people actually retire, according to Gallup’ findings.
On average, non-retired Americans expect to retire at age 66, when in 1995 they anticipated age 60 for their retirement. Additionally, about 30% of non-retired Americans in all age groups said they expect to retire before age 65.
Despite the gap between the actual and expected ages at which Americans wish to retire, Gallup notes that both averages have crept up over the last decade, likely due to changes in Social Security benefits, longer life spans as well as lifestyle choices to work longer.
“Given these trends, Americans’ average retirement age being lower than their expected retirement age may reflect today’s retirees hailing from a different generation,” Gallup writes. “In the future, the average retirement age and expected retirement age may converge as current workers retire later in life.”
Written by Jason Oliva