Our most recent poll asked Axiom readers how long they thought they’d be retired. The question is a bit of a Rorschach Test – an inkblot that we interpret our own way. For many of our younger readers, the poll question asked how long they’d work. Our older readers likely saw this as a question of their own mortality.
The US Census Bureau reports that the average length of retirement has steadily increased, and calculates the current average is 18 years.
A recent survey by Transamerica saw workers plan on being retired an average of 22 years. As expected, the younger the person taking the poll, the older they thought they’d live, and the longer they thought they’d be retired. Almost one in five Millennials, for example, believes he or she will live to 100 or older. Millennials also reported the longest expected time in retirement of 25 years.
Our poll revealed an optimistic – or extremely confident – group of respondents. While over 90 percent of those taking our poll were 50 or older, the vast majority saw the length of their retirement spanning between 21-30 years. Thirteen percent of those polled saw themselves being retired over 31 years.
An interesting note about our respondents – about 30 percent answered the national average of 11-20 years. Many see themselves as above average on how long they’ll be retired. If so, wise planning should accompany that expectation.
