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Are Your Retirement Goals Divorced From Reality?

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NEW YORK (CBS NEWS) – Almost one-quarter, or 22 percent, of workers in a recent survey report that during the past year, they increased the age at which they plan to retire. More than one-third (37 percent) say they’re planning to work beyond age 65. And 70 percent of workers plan to work for pay during their retirement years.

Yet these expectations aren’t consistent with the experience of actual retirees. The survey reports that just 18 percent of retirees said they retired after age 65, and the median, or midpoint, actual retirement age reported by current retirees has remained constant at age 62 for the past several years of the survey. Half of current retirees say they left the workforce unexpectedly due to health problems, disability or changes at their employer, such as downsizing or closure. Only 27 percent of current retirees report that they worked for pay during retirement.

The bottom line: Don’t count on work you do during your retirement years to bail you out from not saving enough for a comfortable retirement.

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