Most people want to retire, but for now, Americans are just focused on keeping their day jobs.
Thank the Great Recession for that. Just 10 years ago, most Americans felt confident they’d hang up their hat by the time they turned 60. Now the average working stiff expects to retire at age 65, due to the housing crisis and credit crunch, among other nest egg busters. The retirement age has only crept up from there, with experts predicting the trend will continue.
The good news is there are benefits to delaying retirement. People would have more cash to retire on if they worked longer, plus they’d benefit from the boost in their Social Security benefits by taking them later.
“I think everybody needs to aim to work longer,” Alicia Munnell, director of the centre for Retirement Research at Boston College told YM contributor Emily Brandon. “If everybody works about five years longer than they had planned, most people would find themselves with adequate retirement income.”
So when do you plan on retiring? Check out the graphic from Lemon below to find out: