Money magazine recently asked its readers what their retirement ages were. The responses:
- 35% - Before 60
- 34% - 60 to 64
- 23% - 65 to 69
- 8% - 70 or older
My reaction? Either Money magazine has very knowledgeable, disciplined, money managers reading its magazine or most of its readers are smoking something they shouldn't be (since those retirement ages are waaaaaaaaay low IMO.)
Of course there seems to be a BIG difference between TARGET retirement age and ACTUAL retirement age. Money has a stat that says 43% of retirees say they quit working at their target retirement age. That means 57% don't retire at their target age.
Now that said, my goal retirement age is right around 60, so I'd be in either of the first two groups. Then again, I've been working at it for 2 1/2 decades (with another 10 years to go). Not many Americans have been saving and planning that long.
How about you? What's your target retirement age?