Swiss Re: "70 is the new 65"

October 22, 2013 at 07:31 AM

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Well over half of American workers surveyed (57 percent) anticipate that they will work beyond the traditional retirement age of 65 or never retire at all.

The finding was uncovered in a recent Swiss Re survey timed to coincide with the beginning of National Save for Retirement Week.

The survey cements the growing realization by many Americans of a retirement landscape markedly different from that of generations prior.

"Americans are starting to recognize that living longer will require a shift in retirement planning. For many Americans surveyed, 70 is the new 65," George Graziani, Head of Longevity North America for Swiss Re said in a statement.

Less than one quarter (22 percent) of Americans anticipate retiring before 64. Meanwhile, 78 percent of respondents in China, 45 percent of respondents in Hong Kong and 42 percent of respondents in Brazil believe they will retire before age 64.

Thirty-eight percent of respondents in all markets surveyed foresee retiring before the age 64.

Possibly as a result of having their nest eggs ravaged by the Great Recession or missteps on the path from defined benefit plans to defined contribution plans, 12 percent of U.S. survey respondents said they would never be able to retire while 21 percent reported that they would not guess when their working lives would end. 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.

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