At the beginning of National Save for Retirement Week, a Swiss Re survey reveals what many Americans suspect—they most likely will be working well into their Golden Years.
The Risk perception survey shows that 57 percent of American workers expect to retire from work beyond the age of 65–or to never retire. Nineteen percent of U.S. respondents–more than any other market surveyed–believe that they will be working at least until the age of 70.
Twelve percent believe they never will be in a position to retire. A further 21 percent simply didn’t know or couldn’t answer when they think their working lives will end.
Respondents in China, Hong Kong and Brazil have rosier views of the financial viability of their retirement years, with 78 percent, 45 percent and 42 percent of respondents believing they will retire before the age of 64. In fact, across the markets surveyed, 38 percent of workers think they’ll retire by the age of 64—compared to just 22 percent of Americans.
“Americans are starting to recognize that living longer will require a shift in retirement planning. For many Americans surveyed, 70 is the new 65,” says George Graziani, Head, Longevity North America, Swiss Re.
“We want to make sure that living longer remains a positive for society and life and health insurance has an important role to play in achieving that. The industry are experts in understanding the financial implications that a longer life brings and can offer products to help people remain financially healthy in their older years.”
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 the global polling firm, The Gallup Organization Europe, the survey canvassed nearly 22,000 citizens from age 15 and above across 19 markets in April and May of this year.
Visit riskwindow.swissre.com for more survey results.
By Ayo Mseka