Average Retirement Ages Pushes to 62 Years

A new Gallup poll shows that:

The average age at which U.S. retirees report retiring is 62, the highest Gallup has found since first asking Americans this question in 1991. This age has increased in recent years, while the average age at which non-retired Americans expect to retire, 66, has largely stayed the same. However, this age too has slowly increased from 63 in 2002.

Much of the blame for the increase likely falls on three things. The first is that Americans have not been aggressive in putting aside savings. Even many middle-class Americans have little money in the bank, and many live from paycheck to paycheck.

Another reason is the housing price collapse. For decades, Americans relied on the equity in their homes as a critical means to fund retirement.

The final reason is that more and more Americans are living past 80, and even 90. The sum of money needed to support these extra years of retirement has grown with the median age at which people die.