Americans expect to have to work a few more years, and the retirement age will be extended to 67 years old

Americans are expected to have to work a few more years, and the retirement age will be extended to 67 years old (Alberta Times) The Great Recession of 2007 to 2009 has upended...

(Alberta Times)

The Great Recession of 2007 to 2009 has upended Americans' expectations for retirement. Since the mid-1990s, the average age at which Americans expect to retire has been gradually pushed back to 67, according to a new Gallup poll. This is a significant change from 1996, when people were expected to retire at age 60.

The survey is consistent with other recent research: Americans' retirement plans have taken a major hit due to the recession, financial crisis, high unemployment and the aftermath of the housing bubble.

Five years ago, only 16% of Americans said they would delay retirement until age 70 or later; now 26% say the same.

EBRI, which has been conducting this survey for 22 years, found that the most commonly cited reasons for delaying retirement were the economic downturn, lack of confidence in the social security system, and changes in the employment situation.

In this survey, 50% of the respondents expected to retire at the age of 65, and only 8% believed that they could enjoy a more leisurely retirement life before the age of 60. In 1991, the same survey proportions were 84% and 19% respectively.

Still, young workers are more optimistic than their older counterparts.

According to Gallup's annual "Economy and Personal Finance" survey conducted in mid-April, people under the age of 40 currently hope to retire by the age of 65. If you are 40 years old or above and have not yet retired, you are expected to retire at 68 years old.

However, like many things, it backfired. Gallup found that since 2004, the retirement age has been around 60, although it has been pushed back from 57 in the early 1990s.

Despite this, the average retirement age is expected to be extended in the next few years. One major culprit seems to be money. More than half of people who have not yet retired do not believe they will have enough money to live comfortably in retirement.

The average life expectancy in the United States is now 78 years. Even if you delay retirement, you should still be able to enjoy some of your golden years.