While confusion (and some delusion) exists about more complicated retirement topics, Americans are comparatively realistic when thinking about the ideal retirement age.
A recent survey by Bankrate.com found, on average, that people say the optimal age to retire is 61. To be sure, the number varies by generation—but only slightly.
The wishful thinking younger generations say retiring at 60 (mostly cited by Generation Xers) and 61 (mostly Millennials) would be ideal. Among the older generations, Baby Boomers say age 62 sounds good to them, while the Silent Generation (those ages 73 and older) think it would’ve been best to exit the workforce at 65.
Interestingly, some Silent Generation-ers say workers should retire even later in life. Just shy of one in five (17 percent) think Americans should stop working at age 70. Unfortunately, data is lacking regarding their justification, be it for financial, lifestyle or other reasons.
Men and women disagree about what’s appropriate in this realm, too, but not as much as one might think. Men say 60 is the ideal age to call it quits. Meanwhile, women think retiring two years later at age 62 would be nice. (However, the study didn’t ask whether women were aware they need to outsave men—arguably, by a lot.)
“There is nothing wrong with having an aggressive retirement goal,” Amanda Dixon, Bankrate.com analyst, said in a statement. “However, if you’re striving to retire early, you need to start consistently setting aside money for the future right now. Time will be your greatest ally if you can get into the habit of saving money while you’re young.”
In fact, in a separate Bankrate.com study, respondents revealed one of their biggest financial regrets was not beginning to save for retirement earlier.
So, when is the ideal time to start? Most Americans say age 22—with a significant portion indicating even earlier.
Somewhat surprisingly, Generation X workers seem most concerned. Just under three in five (59 percent) “think someone should ideally start saving for retirement by his or her 21st birthday, which is 10 percentage points higher than everyone else,” according to Bankrate.com’s report.