Retirement Age Expectations vs. Reality
April 12, 2023
Workers typically plan to retire much later than the actual age reported by retirees. In the 2022 Retirement Confidence Survey, 65% of workers said they expect to retire at age 65 or older (or never retire), whereas 69% of retirees left the workforce before reaching age 65. When choosing a retirement age, it might be wise to consider a contingency plan.
Under 60
Workers’ expected retirement age: 12%
Retirees’ actual retirement age: 31%
60-64
Workers’ expected retirement age: 22%
Retirees’ actual retirement age: 38%
65
Workers’ expected retirement age: 24%
Retirees’ actual retirement age: 11%
66-69
Workers’ expected retirement age: 12%
Retirees’ actual retirement age: 14%
70+ or never
Workers’ expected retirement age: 29%
Retirees’ actual retirement age: 7%
Source: Employee Benefit Research Institute, 2022
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