By Rob Poindexter
Many Americans spend their lives working hard and dreaming of the day they can finally retire. But planning for retirement requires more than dreaming — it means being strategic and focused on saving money, among other things. The average age of retirement for Americans is 66, according to a Gallup poll, which is up from age 60 in the 1990s. With Americans living an average of 78.7 years, that’s a good 12 or more years of time to enjoy life after work, at a hopefully slower pace.
Of the 47.8 million Americans ages 65 and older, the average income is only $38,515 dollars, according to the U.S. Census, and their average net worth is $170,516. With numbers like that, saving for retirement can be challenging. Here are other shocking statistics about the state of retirement in the U.S.
Young People Think They’ll Retire Early … Until They’re Older
According to a Gallup poll study, when 18- to 29-year-olds were interviewed about retirement, younger people expressed optimism that they’ll be able to retire early, closer to their early 60s. However, once they hit 30, that optimism wanes, perhaps due to the realities of making a living catching up with them.