Retirement Age Expectations of Older Americans Between 2006 and 2010
New research from EBRI shows a clear trend that workers age 50 or over are expecting to work longer, which is correlated with the financial crisis of 2007–2009. In 2006 (just before the recent recession), 11.2 percent expected to retire at age 70, and by 2010 (after it had officially ended) that had increased to 14.8 percent. Even at higher ages, the expected retirement has jumped: Just 1.7 percent of workers age 50 or over planned to retire at age 80 in 2006, which more than tripled to 5.2 percent in 2010. Expected retirement at ages 62 and 65 steadily declined over this four-year period.
In 2008, during the recession, 22.4 percent of the workers age 50 or over said they plan to never retire. That declined to 16.3 percent in 2010 after the recession. Over the 2006–2010 period (before, during, and after the recession), another 14–18 percent of workers said they don’t know when they will retire.
“The general trend shows that older Americans are expecting to retire later,” said Sudipto Banerjee, EBRI research associate and author of the study. “But the most striking finding is that nearly 20 percent of the sample expects never to stop working and more than 15 percent of the sample don’t know when they are going to retire.”
The full report is published in the December 2011 EBRI Notes, online here. The press release is online here.