GreyWingFinancial.com Advises Consumers to Rethink Retirement Age

Share Article

GreyWingFinancial.com personal finance and economic magazine for seniors comments on recent survey information showing that the age of expected retirement is largely beyond age 65, and encourages consumers to do a double-check of their finances if they are shooting to retire right at 65.

If you are able to retire right at 65, or even before, then by all means—go for it, and enjoy. We just want to advise people with that goal age of ‘65’ in mind to do a re-check and make sure it’s a realistic goal.

GreyWingFinancial.com personal finance and economic magazine for seniors today issued their statement about a recent Gallup survey which revealed that over a third of the U.S. consumers polled expected to retire after age 65. GreyWingFinancial.com advised its readers who are still planning to retire when they turn 65 to take a good look at their finances to ensure that this is feasible.

Emily Brandon wrote an article for CNN Money, published June 10th 2013, in which she reported on a recent survey hosted by Gallup that polled over 2,000 American adults (636 of whom are retirees.) According to Brandon, the survey revealed that 37% of workers polled stated that their expected age of retirement was after 65, 26% plan to retire right at age 65, and 26% are shooting to retire before they turn 65. Brandon reports that the amount of people expecting to retire after 65 has jumped a full 23% up from 1995. The survey confirmed that more working Americans have the goal of retiring after age 65 than on or before it.

GreyWingFinancial.com is not surprised with the survey results, believing that good health and necessity are influencing consumers in a big way. GreyWingFinancial.com is quoted as saying, “It’s no secret that people are living longer these days, with medical advances and just more health knowledge now than ever before. People know that smoking leads to lung cancer, and sun exposure to skin cancer and so forth. What that means is not only are people making healthier choices and living longer, adding years to the amount of time they need to support themselves during retirement, but that they’re also more able-bodied later in life. 70 year olds today are, I think, more capable of working than in any years past. It also just comes down to necessity. Longer life means needing more money, and every year worked is one more year to live on an income and one less year to live off of savings.”

The above CNN article states that of those polled in the Gallup survey, the groups closer to retirement tended to project later retirement ages than the younger workers polled. The managing editor of Gallup Poll, Jeffrey Jones, is quoted as saying, “People who are very near retirement age in their 50s and 60s are looking at their Social Security benefits, 401(k) balance, their cost of living, medical costs and food costs and have a better sense of what things might be like when they actually retire. They are more aware that early retirement might not be as much of a realistic option for people today as it was 30 or 40 years ago.”

GreyWingFinancial.com encouraged its readers who are planning on retiring at or before age 65 to do a thorough double-check of where they’re at financially, to ensure that this goal is feasible. GreyWingFinancial.com is quoted as saying, “If you are able to retire right at 65, or even before, then by all means—go for it, and enjoy. We just want to advise people with that goal age of ‘65’ in mind to do a re-check and make sure it’s a realistic goal. Much of the logic behind that advice is because it’s so much easier to stay with a job for a few more years as opposed to retiring, then realizing you are going to need more money, then getting back in the workforce to look for work. Better to figure out that sort of thing out now, while you’re still employed. And don’t feel discouraged if you find that you do have to work past 65. It’s actually turning into the norm these days, so you are by no means alone!”

About GreyWingFinancial.com:

GreyWingFinancial.com is an online finance and economic publication aimed at soon-to-be retirees and seniors. GreyWingFinancial.com’s topics range from retirement planning and saving, to advice on 401(k)’s, to post-retirement investing, and how to enjoy retirement and one’s golden years to the absolute fullest.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

GreyWingFinancial.com
Grey Wing Financial
(512) 774-4739
Email >
Visit website