"One thing nearly the entire workforce has in common is the desire to retire. While there are undoubtedly outliers like Warren Buffett, who is finally retiring at the ripe age of 95, many professionals look forward to the day they can kick back and enjoy the fruits of their labor. The average retirement age in the U.S. is 65 for men and 63 for women, according to the Center for Retirement Research at Boston College."
"The report also illustrates the disconnect between the expected length of retirement and worker readiness. In other words, workers may want to retire earlier, but there's a good chance they're not financially prepared to do so. "Our research over the past decade shows that Americans continue to feel the pressure of rising costs and competing financial priorities, which has impacted their confidence in their retirement planning," Wayne Park, CEO of Manulife John Hancock, said in a statement."
Gen Z views 59 as the ideal retirement age, younger than millennials (61), Gen X (64), and baby boomers (67). A survey of more than 2,500 Manulife John Hancock Retirement plan participants and American retirees, conducted May 9–June 2, captured these generational preferences. Despite early aspirations, Gen Z expects to retire at 67 — eight years later than hoped — while millennials, Gen X and baby boomers expect retirement around age 69. Rising costs and competing financial priorities have reduced retirement confidence, leaving many workers wanting earlier retirement but lacking sufficient financial readiness.
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