Here is the age when many Americans hope to retire

Many workers look forward to the day when they can retire.

A recent survey by Natixis Investment Managers sought to find out exactly when most Americans expect to stop working.

The average age is 62, according to research.

However, it turns out that when people hang up their hats varies from generation to generation.

The youngest cohort, Millennials – aged 25 to 40 – plan to retire at an average age of 59. For Gen X – now 41 to 56 – the average age is 60. work longer, with an average retirement age of 68.

That’s when 83% of non-retired U.S. investors said they were confident they would be financially secure in retirement. This includes 88% of Generation Y, 82% of Generation X and 79% of Baby Boomers.

Even so, 41% of those polled said that obtaining financial security in retirement “is going to take a miracle,” according to the survey. This sentiment was highest among Millennials at 46%, and Gen Xers at 45%, while Baby Boomers came in with 30%.

While there is a general sense of confidence, the results show that there are a number of questions people have about planning for retirement, said Dave Goodsell, executive director of the Center for Investor Insight at Natixis.

These questions include: When will I retire? How much money am I going to need? How long will the money have to last?

“There are a lot of things that cause nagging doubt in people,” Goodsell said.

The survey included 750 US investors who had a median of $ 450,000 in investable assets. The US results are part of a global survey of 8,550 individual investors. Notably, the average retirement age for this larger group globally was also 62.

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In the wake of Covid-19, financial advisers say, many clients are now asking, “Can I retire earlier?” “

Much of whether this may happen in the future depends on what action workers take now.

There are some strategies that can help you save more with the money you already earn.

Increasing your income, especially through a sideline, can help you reach your retirement savings goals even faster.

“I say to my clients, if you want to earn 10 years before retirement, that means we have to really put in the effort now and find other ways to generate income,” said Winnie Sun, Managing Director of Sun Group Wealth Partners. in Irvine, California.

There are reasons why baby boomers are postponing their retirement to a later date.

Workers who wait to claim Social Security until full retirement age – up to 67, depending on their date of birth – are entitled to 100% of the benefits they have earned. If they claim earlier, from age 62, their monthly checks will be permanently reduced. If, on the contrary, they wait until 70 years, they will benefit from the most important possible benefits.

Research from the Center for Retirement Research at Boston College shows that Americans generally tend to claim retirement benefits around age 62 or around full retirement age as defined by Social Security.

Delaying retirement past age 62 can also allow someone to wait until Medicare eligibility age – typically 65 – and continue earning income.

Still, not everyone has a choice about when to retire, which can come unexpectedly due to unforeseen health or career circumstances such as a late career layoff, said Goodsell.

The key is to be prepared for what all circumstances may bring.

“There is a lot that can be done to educate individuals on their investment options, how to plan for retirement and how to put the pieces together,” he said.