New research from SunAmerica indicates that today’s pre-retirees, on average, expect to postpone their retirement until age 69. According to SunAmerica’s most recent Retirement Re-Set Study, those nearing retirement intend to delay their departure from the working life by five years, due mostly to longer life expectancy as well the recession and financial need. Back in 2001, when SunAmerica did a similar study, the expected retirement age was 64.
Not that they will completely give up the 9-to-5 grind: Almost two-thirds said they would like to include some type of job in their retirement to stay active and involved. They also view retirement quite differently. More than 50 percent think of retirement as a new chapter in life rather than a winding down. Ten years ago, 38 percent held a similar view.
Other findings from the SunAmerica report:
- Financial peace of mind is six times more important than amassing wealth, with 82 percent naming it as their key financial goal.
- Nearly half of Americans 55 and older anticipate supporting aging relatives, adult children, grandchildren and siblings while in retirement. Roughly 70 percent expect their adult children will need financial assistance.
- There is good news for advisors: More adults 55 and older today have used professional financial advisors to assist with retirement planning than 10 years ago (49 percent versus 40 percent) and the vast majority (68 percent) who have used financial advisors believe they were very helpful.
The SunAmerica survey was conducted in April and was done in collaboration with Age Wave. Harris Interactive queried 1,001 Americans 55 and older in a nationwide telephone poll.
Source: SunAmerica Retirement Re-Set Study