Survey: Average American Plans to Retire at Age 66

By Michael W. Chapman | May 11, 2018 | 5:02 PM EDT

Retirees.  (YouTube)

( -- Although the average age of retirees back in the 1990s was 58 years old, today the average American predicts to retire at age 66, according to the latest poll by Gallup. The average retirement age of Americans currently is 61.

In the survey, Gallup asked, "When do you expect to retire?" Back in 1995, Americans said age 60; in 2006, they said age 65; in 2012, they said age 67; and in 2018, they said age 66.

"Overall, 41% of nonretirees in the April 2-11 Gallup poll plan to retire at age 66 or older," reported the polling firm.  Only 12% of the people surveyed said they expected to retire before age 59.

(Source: Gallup)

Curiously, young people, ages 18-29, expect to retire at age 63, while older Americans, ages 50-64, expect to retire at age 67.

"Apparently, just as they are more optimistic about having enough money to be comfortable in retirement, young people are also more optimistic that they will retire at a fairly young age," reported Gallup. "But Americans appear to readjust their retirement projections upward once they cross the 30-years-of-age threshold."

For the survey, Gallup interviewed by telephone 1,015 adults, aged 18 and older, living in all 50 states and the District of Columbis, April 2-11. The margin of error was +/- 4 percentage points. 

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Michael W. Chapman
Michael W. Chapman
Michael W. Chapman