70 is the new 65
By Paula Aven Gladych
More than half of American workers (57 percent) expect to retire beyond the age of 65 or not at all, according to a Swiss Re global perception survey. Out of those respondents, 19 percent believe they will work at least until the age of 70 and 12 percent believe they won’t ever be able to retire.
An additional 21 percent said they didn’t know when they would stop working.
Workers in China, Hong Kong and Brazil had a rosier view of their ability to retire, with 78 percent, 45 percent and 42 percent of respondents, respectively, saying they would be able to retire before age 64. In all of the markets surveyed for the Swiss Re report, 38 percent of workers thought they would be able to retire before age 65. Only 22 percent of American thought they would be able to retire by the age of 64.
The survey was conducted as part of Swiss Re's 150-year anniversary initiatives to encourage dialogue on how global communities tackle the biggest risks facing them today and in the future. Conducted in partnership with global polling firm The Gallup Organization Europe, the survey canvassed nearly 22,000 citizens from age 15 and older across 19 markets in April and May 2013.
The survey results were released Oct. 21 to coincide with National Save for Retirement Week.
Originally published on BenefitsPro.com