A surprisingly large number of Americans are very close to retirement even without an exit date on their calendar.

Yes, millions of Americans are planning retirement in 2024, 2025, 2026, 2027, and so on, but a surprisingly large share of Americans are very close to retirement, without an exit date on their calendar. Let’s dive into the data and explore the implications for employers, governments, and society as a whole.<br><br><br>The Pew Research Center conducted an analysis of survey data from 2019 and 2020 to understand the retirement plans of Americans. According to the data, about 37% of Americans plan to retire in under 5 years, 35% in 5–10 years, 21% in 15–20 years, and 18% in 20+ years. These numbers highlight that retirement is not solely determined by age; it also depends on factors like (disability, health, and life expectancy etc.) <br><br><br>The Fact Sheet on Retirement in the United States, published in July 2023, provides key statistics on retirement in the United States. The data reveals that:<br>Among full-time workers aged 50–64, 48% plan to retire between 65 and 69 years old, while 25% plan to do so between 64 and 67 years old. This trend indicates that many workers intend to retire at or after turning 67 years old.<br><br><br>A study by the US Census Bureau examined the timing of retirement and the reasons for it from 1992 to 2012. The analysis shows that 48% of men and 43% of women quit their jobs after turning 65. The main reasons for retirement were health issues (43% for men and 30% for women) and reaching age 65 (35% for men and 29% for women).<br><br><br>A survey conducted in 2022 by Clever Real Estate found that 1 in 11 Americans plan to retire between 70 and 79 years old, with 1 in 18 planning retirement between 80–90 years old. However, these plans may not align with the actual retirement age due to various factors such as declining health or economic challenges.<br><br><br>A survey conducted by the Employee Benefit Research Institute in 2021 revealed that 77% of workers aged 45–54 intend to retire before 65, while 72% of workers aged 35–44 and 64% of workers aged 18–34 plan to do so. However, it is essential to note that these are only intentions and actual retirement ages may differ.<br><br><br>According to a white paper published by the Center for Retirement Research at Boston College in 2021, the retirement landscape has changed over the past few decades. The full retirement age (FRA), when workers are eligible to receive their full Social Security benefit, has increased from 65 to 67 years old. As a result, people are working longer than before, with the labor force participation rate (LFPR) of those aged 62–64 increasing from 45% in 1995 to 55% in 2020. Similarly, the LFPR for those aged 65–69, 70–74, and 75+ has also risen, indicating that more people are continuing to work beyond the standard retirement age.<br><br><br>The Economic Policy Institute (EPI) published a report in 2021 highlighting the growing wealth gap between older workers with college degrees and those without. The median retirement savings for families with workers aged 55–64 who held college degrees were $424,000 in 2019, whereas families in the same age group with only some college experience had a median retirement savings of $38,000. This significant disparity affects the retirement age, as older workers with lower education levels may need to work longer to accumulate sufficient retirement savings.<br><br><br>In 2020, the Society for Human Resource Management conducted a survey to better understand the retirement landscape. The study found that 71% of employees aged 40–49 plan to retire between 61 and 70 years old, while 63% aged 30–39 plan to retire between 61 and 65 years old. However, only 52% of employees aged 20–29 plan to retire before 61 years old.<br><br><br>A 2020 report by the Associated Press-NORC Center for Public Affairs Research revealed that 23% of Americans plan to work until they die. The study also found that 12% of those who have already retired plan to continue working in some capacity. The primary reasons for not retiring include a desire to stay engaged and active, as well as financial necessity.