Retirement Age: Is It Later Than You Think?

At what age do you expect to retire? A new Gallup poll finds that the average non-retired American now expects to retire at age 67, up from age 63 a decade ago and age 60 in the mid-1990s.

Gallup’s findings, released Friday, are from the polling organization’s annual Economy and Personal Finance Survey, which was conducted April 9-12. Just over one-quarter (26 percent) of non-retirees expect to retire before age 65, while 27 percent expect to retire at this traditional retirement age and 39 percent after. The percentage that expects to retire after age 65 is up from 12 percent in 1995 and 21 percent in 2002.

According to a statement, Gallup also finds a steady increase in the average age at which retirees actually retired, from age 57 in 1991 to age 60 in 2012. The average retirement age first reached 60 eight years ago as has generally remained steady since. But the stubbornly slow economic recovery is expected to change that as more people are forced to delay their retirement.

Being able to retire as planned and outliving their money are of increasing concern in households with a net worth between $100,000 and $1 million (not including primary residence), according to a Millionaire Corner first quarter wealth level study. Fifty-eight percent said they worry about retiring on their schedule, up two percentage points from 2011.

Having enough money set aside for retirement was a concern for 67 percent of respondents, up four percentage points. Not surprisingly this is of greatest concern to the youngest baby boomers who mostly comprise the 74 percent of 45-54-year-olds, for whom retirement is imminent, and who said they worry about having saved enough for their senior years. Sixty-nine percent of this age group said they worry about being able to retire when they want to.

Younger non-retirees, for whom retirement is down the road, have more optimistic view of retirement, according to the Gallup poll. Those under the age of 40 expect to retire at age 65, while those 40 and over expect to retire at age 68. They are also more optimistic than those on the cusp of retirement about their post-career financial situation. Forty-eight percent of those under 40 believe they will have enough money to live comfortably through retirement compared to 64 percent who said they fear they will not have a comfortable retirement.