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Average retirement age hits 62

Finance & Planning | Jul 20, 2015

A gap remains between the age Americans believe they will retire and when they actually do quit working.

According to a recent study from Gallup, the average age U.S. retirees said they retired was 62, representing the highest age in the survey's 13-year history. However, non-retirees said they expect to retire at 66, which is largely unchanged from last year's survey.

Gallup noted that the actual age of retirement has crept up over the last decade. Between 2002 and 2012, the average age was near 60. However, in each of the past two years the age has gone up, reaching its highest point in 2014. The report offered some insight as to why this might happening, noting that consumers are responding to changes in Social Security while the economy continues to bring about a number of challenges to the American worker. Furthermore, as many individuals saw their financial health dwindle as a result of the recession, confidence in the ability to retire earlier might have slipped.

"The majority of all age groups expect to retire at age 65 or older," the report said. "This includes 62 percent of 18- to 29-year-olds, 62 percent of 30- to 49-year-olds, and 58 percent of 50- to 64-year-olds. At the same time, an optimistic 15 percent of the youngest age group expect to retire before age 60. Adults closer to that age are naturally less likely to think they will be ready for retirement by that point."

Ideal planning protects against risk
Those preparing for retirement are likely cautious with their finances. As there are so many challenges when it come to ensuring a retirement is comfortable, it's important to guard against risks with adequate planning. One the ideal ways to do this is by enrolling in a Medicare supplemental insurance plan.

Through this plan, Medicare services are covered that aren't paid for under original Medicare. Those nearing 65 will want to start deciding if this coverage is right for them as this is the age at which they qualify for a plan. When it comes to planning for risk during retirement, there's nothing like Medicare supplemental insurance.

Those shopping around for the best rate should take advantage of tools that compare the plans issued by multiple insurance providers.