7. The average age at retirement is 62
- 55% of retirees retired earlier than expected
- Health was the No. 1 reason for retiring early, followed by job loss.
Few people work well into their 80s like Warren Buffett. Gallup finds the average retirement age is 62. This aligns with the Center for Retirement Research’s findings: The average retirement age is 64 for men and 62 for women. Retiring when you can enjoy life is great, but that’s not always the case.
Next: You’re throwing away money if you ignore this factor.
8. Employees miss out on an extra $1,336 in retirement matching each year
- This equals an estimated $24 billion nationwide in lost matching contributions.
According to Financial Engines, an independent investment advisor, one-quarter of employees are not saving enough money to receive their employer’s 401(k) match. On average, those employees miss out on an extra $1,336 a year, or a little less than an extra $25 a week.
Next: Even older adults should pass this test.
9. 87% of baby boomers got a “D” grade on a retirement quiz
- 61% of test-takers thought they have a high level of retirement knowledge.
- 75% of boomers surveyed felt they will have a secure future retirement.
Boomers think they know it all, though a retirement quiz results suggest otherwise. After completing the test, 87% of respondents couldn’t score more than a D. Although more Americans are retiring, most of them don’t know the information and basic strategies they need to feel comfortable.
Next: Few retirees can escape this expense.