In recent years, many Americans retired early – likely due to the global pandemic. But when you look at retirement trends, it appears more Americans are back to retiring later and even returning to work.

There is data to show these retirement trends, including that people who retired during the pandemic have returned to work or that some are delaying retirement.

According to a Gallup poll released in July 2022, Americans are retiring at later ages than they did 30 years ago. In 1991, most Americans retired at age 57. But the average retirement age now is 61.

The retirement age in 2012 was 67 – likely due to economic issues and the housing crisis but it’s been declining – until now.

So, what are some reasons behind the delay in retirement? One reason is probably Social Security. Due to current rules, retirees can’t get their full benefits until age 66. Also, many people don’t have the economic security – or savings – to retire early so they are continuing to work.

Generally, people who retire early do so because they got to be financially independent quicker than they thought they would and also, sometimes retirement isn’t a choice – people retire because they fall ill, have to care for a loved one or lose their job.

Retirement trends have many outside influences, including the economy, the housing market and other global factors.

Regardless, planning for your future early and saving as much as you can is critical to a healthy retirement account. Retirement planning needs a degree of flexibility and agility, as conditions do change, as do personal circumstances.

Do you still have questions about retirement planning options, or how your small business can participate?

Follow us on LinkedIn and Facebook!

If you have other questions about retirement plan loans,email us or call 937.308.0758.