What You Need to Know
- In recent years, only 32% of Americans ages 60 through 64 have reported being retired.
- During the period from 2002 through 2007, 41% of the people in that age group said they were retired.
- The percentage of people age 75 and older who say they are retired has fallen 1 percentage point, to 88%.
The latest polling data from Gallup indicates that Americans really are staying in the workforce longer, but retiring somewhat earlier than they might have expected.
Only 11% of the U.S. residents ages 55 through 59 who were surveyed by Gallup from 2016 through this year said they were retired, according to Jeffrey M. Jones, a Gallup analyst.
The percentage was down from a retired rate of 19% for survey takers in the 55-59 age group during the five-year period starting in 2002.
Between the 2002-2007 period and the 2016-2022 period, the retired rate fell from 41% to 32% for the 60-64 age group; from 76% to 70% for the 65-69 age group; and from 88% to 83% for the 70-74 age group.
But for people in the 75-and-older age group, the retired rate fell just a little — to 88%, from 89%.
What It Means
Clients under about 55 who say they intend to keep working until the new normal Social Security retirement age — 67 — may have a good chance of doing that.