Creating a mandatory retirement age is something an overwhelming number of U.S. retirees are opposed to, according to a new survey released by Extend Health, Inc. In fact, out of those surveyed who were asked if the U.S. should set a mandatory age, a whopping 85 percent said “No.”
Retirement Age Survey Results
The survey, which polled 431 U.S. retirees who are 65 and older, found that in addition to a large number of respondents opposing a mandatory retirement age all together, of the 15 percent who replied there should be one, most still believe the age should be lower:
- 42 percent said the age should be 65
- 31 percent thought the better age would be 70
- 21 percent thought the age should be 67
- A small 6 percent said the age should be 72
As seen above, the biggest majority believe the earlier the retirement age is, the better. However, this doesn’t answer questions about how to finance retirement if a growing number of workers are retiring soon and there’s not much time for the government to save up to pay them.
What Should Be Done about Retirement?
The issue of reduced Social Security funds and whether there will be enough money available for the entire Baby Boomer generation has left many lawmakers to consider other ways to build up a stash. Among their suggestions has been an increase in the retirement age and the idea of creating a mandatory retirement age.
Currently, there are a number of ways that a worker can retire, including retiring “early” or after a certain number of years on the job despite age, or even when a company pays their employees to retire early.
But if the worker wants to collect Social Security benefits, they will have to be at least 62 years old. This won’t entitle them to full retirement benefits, though–they must wait until “full” retirement age to start collecting in order to receive the full benefit amount.
Increasing the age or creating a mandatory age is meant to help add more to the pot for Social Security. Even so, despite the fact that Social Security is in the red, most workers don’t want an age imposed on them.
Saving for Your Own Retirement
The fact that the government is running out of Social Security funds–or even that for the second year in a row there have been no Social Security cost-of-living increases–can be a bit unnerving for prospective retirees. Many have found that by relying less on their government distributions and more on their own money, they can breathe a bit easier.
Whether they have a solid 401(k) or IRA account, or have a one or more high interest savings accounts, they have been able to put away enough to feel comfortable. If you want to feel more comfortable, see if you’re saving enough for retirement, then learn how to save or rebuild your nest egg so no matter what happens with the government, you’ll know your savings are intact.
