Average Retirement Age Rises Sharply to 61 Years Old

[marmar]

from 247WallStreet:



The erosion of savings, the collapse of the stock market four years ago and home price dips have pressed the retirement age upward. The trend is likely to mean older Americans will work longer, which could rob young people of job options.

According to new information from Gallup about the retirement age in the U.S.:

The average age at which current U.S. retirees say they actually retired is now 61, up from 59 a decade ago and 57 in the early 1990s. Conversely, 37% of nonretirees expect to retire after age 65, up from 14% in 1995.

The data may not appear to break any ground, but the long-term consequences will. People are retiring closer to the date at which they can get Social Security, which means their incomes and savings to bridge the few years from their early 60s to their mid-60s when federal government aid kicks in has nearly disappeared. .................(more)

Read more: http://247wallst.com/2013/05/16/retirement-age-rises-sharply-to-61-years-old/#ixzz2TSdPGsQt

[Safetykitten]

1. Gee, what a surprise. Did not see that coming.

[monmouth3]

2. Rise sharply? Most people I know retire between the ages of 62 and 65...Fifty-nine is too young

unless you have health issues IMO...

[marmar]

3. It's an average that includes early retirements.

[HughBeaumont]

4. Anyone who doesn't think this is a huge problem is fooling themselves.

A glut of workers unable to retire represents a bottleneck to a flowing economic cycle.

[Warpy]

7. If your body is still holding up

then you take the jobs that kids usually take as that first shit job out of high school. I've noticed a sharp rise in the age of convenience store and gas kiosk clerks over the past 5 years.

Even if you're old enough to get early Social Security, that's likely all you have and you'd better be able to stand at least 6 hours a day at a dead end, low pay job to make ends meet.

What this country has done to labor for the last 40 years should be criminal. Instead, they'll all retire on their fat Congressional pensions in garden spots near the ocean.

[KharmaTrain]

5. If You're Still Lucky To Have A Job...

...I know many 55+ folks who lost jobs...in some cases after 30 years and are having a real difficult time finding even stead part time work. I've heard it called "forced early retirement"...and it's taking a serious economic toll as most of these people are too young to begin collecting Social Security yet are considered too much of a health risk or want better wages and benefits than someone in their 20s. There's no recovery in sight for these people...

[Newest Reality]

6. Yes.

I know that all too well, and there are those who end-up on the streets because of that.