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Benefits October 24, 2011
One in Five Americans Expect to Retire Before 65
October 24, 2011 (PLANSPONSOR.com) – A new survey has found that despite the gloomy retirement outlook among many American workers, over one in five (21%) expect to retire before age 65.
Reported by Tara Cantore
According to the results of the 12th Annual Transamerica Retirement Survey, 52% of future early retirees have a college degree, 50% are under the age of 40, and 49% report an annual household income of less than $100,000 per year.
Future early retirees are likely to have a retirement strategy (71%), start saving for retirement at a younger age (median age of 25), and be offered a 401(k) or similar plan by their employer (75%). They also defer a high percentage of their annual salary into their 401(k) or similar plan (median of 10%). Additionally, these workers are likely to save for retirement outside of work (69%) and be very involved in managing and monitoring their retirement accounts (71%).
The 12th Annual Transamerica Retirement Survey was conducted among 4,080 American workers.
Click here to view the full survey results.