The ideal retirement age in the United States is 58. But, the most-often anticipated age for retirement is 64, a full six years later than most would like to call it quits. That is even though the average age Americans begin saving for retirement is age 30, according to the latest AXA Equitable Life Insurance Co. survey. More than half expect to work some in retirement.
The survey interviewed workers from across the globe and found people everywhere hold some apprehension about retirement. Americans are more concerned about Social Security failing than are others, and they are less concerned about global warming, landing second from the bottom in that category. Something else the survey found is that major life events typically trigger the realization that people need to begin saving for retirement - things like turning 40 or 50, or having children.
Other key findings among U.S. respondents include:
- Americans view financial risk adversely. Majorities of working and retired Americans said they are most interested in financial products that yield some minimum return without risk.
- Among already retired Americans, 81 percent say their standard of living has decreased or stayed the same.
- Three-fourths of retirees report that their retirement income is lower than their most recent salary.
- Workers in all age groups think Social Security is in serious trouble.
For access to the entire survey, visit www.axa-equitable.com.
