Is 70 the New 65? Maybe, When It Comes to Retirement

July 31, 2019

70 may be the new 65 — at least when it comes to retirement. A new survey reveals that older Americans are setting their hopes a little lower when it comes to retirement age.

About The Survey

The survey, which was conducted by CareerBuilder and Harris Poll, involved 3,200+ working employees over the age of 18. Of that group, 556 workers were over the age of 60. This article is based solely on workers who fall into the latter category.

Findings

Retirement Age

The survey found a major shift in mentality among those 60 and older. In the past, an overwhelming majority of seniors felt they would retire by age 65. Now, 30% of those over 60 believe they will retire when they are 70 or older. An additional 20% believe they will never be able to retire.

How Much Money Is Needed to Retire

When asked how much money they will need to retire, those aged 60 and older were split:

• Less than $500,000: 24 percent
• $500,000 to less than $1 million: 25 percent
• $1 million to less than $2 million: 13 percent
• $2 million to less than $3 million: 3 percent
• $3 million or more: 1 percent

Making matters worse, nearly a third of workers over 55 reported that they are not participating in any retirement plan, be it a 401(k), IRA, etc. 74% of this group aren’t earning their desired salary, and 8% were forced to take on a second job.

Don’t Wait Until It’s Too Late

While the survey doesn’t paint a bright picture for many, it does serve as an important reminder that we need pay special attention to our finances and retirement. With the right investment strategies, a secure retirement can be within your reach. Otherwise, you might be working until your 70 or beyond.