Three in 10 U.S. workers expect to work past retirement age: poll

Thirty-one percent of Americans in the workforce believe they will have to work past age 67 -- the current minimum age to receive full government retirement benefits, found a Gallup poll Friday.

The poll comes at a time when the world's largest economy has still not fully recovered from the downturn seven years ago, when the U.S. economy took a nose dive.

Another 38 percent of U.S. workers expect to retire between the ages of 62 and 67, while 23 percent expect to stop working before they turn 62 -- before becoming eligible for any Social Security retirement benefits.

Social Security is a U.S. safety net in which retired Americans receive a modest income from the government, according to Gallup.

The average age at which U.S. workers predict they will retire is 66, consistent with the 65 to 67 age range found since the 2007-2009 recession ended. The expected retirement age is up slightly from about 64 years of age spanning 2004 to 2008, and is up from 60 in 1995, Gallup found.

Lower-income workers plan to retire a bit later, on average, than those earning a higher income. Young adults, who aged 18 to 29, plan to retire earlier than middle-aged and older adults, likely reflecting youthful optimism about their future income and savings, Gallup said.

In contrast with current workers' expectations about retirement, retired Americans report they stopped working at an average 61 years of age, significantly lower than the average 66 years at which today's non-retired Americans intend to stop working, Gallup found.

However, this doesn't tell the entire generational story, as approximately one in seven seniors (those aged 67 and older) are still in the workforce -- working full time and part time, or unemployed and looking for work.

One factor causing today's workers to think about delaying retirement could be their recognition that working may be healthier than staying home.

A recent survey found 67 percent of non-retired investors -- those with 10,000 U.S. dollar or more in investments -- want to work as long as possible, given the benefits to their physical and mental health.

In reality, however, many working Americans simply can't afford to retire. Fewer workers today than in the past say a pension will be a major income source in retirement, and many have been unable to save sufficiently during the economic slowdown of the past decade, according to Gallup.

Seven in 10 employed adults told Gallup that they are worried about not having enough savings for retirement. As a result, they now need to work as long as possible to build up their retirement nest eggs, Gallup said. Endit