A new Gallup poll, conducted last month, confirms – yet again – that more and more Baby Boomers are not planning to stop working at the “traditional” retirement age of 65.
According to this poll, 39 percent said they expect to retire at age 66 or older, and a further 10 percent said they expect to retire…um, never. Add the two together, and you get 49% – just under half.
Of the others, 24% expect to retire on schedule at 65, and 27% said they’ll retire at 64 or younger.
The trend to working longer is, as we’ve seen, driven by three factors coming together at the same time: increased longevity (and therefore, the need to have cash for more years), Boomer underfunding (a shockingly high number have saved up less than $50,000), and the lifelong Boomer attitude to work (we like it). I expect the percentage who don’t retire at 65 to keep on climbing.