Average Retirement Age
Sixty percent of those currently retired had planned to retire at an older age than they actually did. The average age of retirement today is 62, compared to average planned age of retirement at 67. This is due to many reasons, the most pressing of which boils down to unforeseen circumstances related to ability to keep working. These reasons include layoffs, debilitating illnesses, and physical inability to continue doing the job. Statistics show that the average American will be forced into retirement earlier than they plan, even when most are already behind on saving for retirement. This means that they will have even less money to stretch across a longer amount of time. For more information on this subject, visit this article by Michael Douglass with The Motley Fool.