Posted 1:50 am Sunday, June 19, 2011
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Average Retirement Age Increasing
By ANDY TAYLOR
Staff Writer
Statistics show the next generation of retirees will work later into their golden years than their parents.
In 2009, the average retirement age was 65.5 for males and 64.8 for females, according to the Organization for Economic Cooperation and Development.
For males, the average retirement age consistently fell from 1970 to the early 1990s, when it began to stabilize. The lowest age, 64.1, was found in the years 1994 and 2003.
Staff Writer
Statistics show the next generation of retirees will work later into their golden years than their parents.
In 2009, the average retirement age was 65.5 for males and 64.8 for females, according to the Organization for Economic Cooperation and Development.
For males, the average retirement age consistently fell from 1970 to the early 1990s, when it began to stabilize. The lowest age, 64.1, was found in the years 1994 and 2003.
The 2009 figure matches the retirement age for 1987, and is the highest figure since that point.
The average retirement age for females followed the same pattern of reduction and stabilization found in the statistics for males.
However, between 1996 and 1999, the female retirement age increased by a full year. The most recent figure is the highest observed since 1990, when the average age of female retirees was 64.9.
The average retirement age for females followed the same pattern of reduction and stabilization found in the statistics for males.
However, between 1996 and 1999, the female retirement age increased by a full year. The most recent figure is the highest observed since 1990, when the average age of female retirees was 64.9.
Suzanne Brown, financial counselor with Woodmen of the World, said the uptick is the result of poor financial planning.
“The reason they're working longer is because they didn't plan ahead,” she said. “The person that's going to take care of the 65-year-old you is the 35-year-old you.”
“The reason they're working longer is because they didn't plan ahead,” she said. “The person that's going to take care of the 65-year-old you is the 35-year-old you.”
Ms. Brown said she encourages young adults to start a savings plan or a cash accumulation life insurance policy. But often, she said, they disregard her advice.
“They look at me like I'm an alien,” she said. “And then they get to be 65 and they have nothing.”
According to the Department of Labor, fewer than half of all Americans have calculated how much they need to save for retirement.
“They look at me like I'm an alien,” she said. “And then they get to be 65 and they have nothing.”
According to the Department of Labor, fewer than half of all Americans have calculated how much they need to save for retirement.
For Americans looking to plan ahead, the DOL offers 10 tips for retirement preparation:
1. Start saving, keep saving and stick to your goals
2. Know your retirement needs
3. Contribute to your employer's retirement savings plan
4. Learn about your employer's pension plan
5. Consider basic investment principles
6. Don't touch your retirement savings
7. Ask your employer to start a plan
8. Put money into an Individual Retirement Account
9. Find out about your Social Security benefits
10. Ask Questions
2. Know your retirement needs
3. Contribute to your employer's retirement savings plan
4. Learn about your employer's pension plan
5. Consider basic investment principles
6. Don't touch your retirement savings
7. Ask your employer to start a plan
8. Put money into an Individual Retirement Account
9. Find out about your Social Security benefits
10. Ask Questions
