Early retirement trends in the U.S.: Survey shows Americans are stepping down sooner than you think

The results of a recently conducted survey indicate that U.S. citizens are retiring earlier than initially anticipated. This survey, involving a sample of 2,000 retirees, was undertaken by OnePoll on behalf of ClearMatch Medicare, a division of HealthPlanOne.

The survey findings reveal that the average retiree had initially planned to retire at the age of 63.2 years. However, they ended up stepping away from the workforce at an average age of 61.5 years, approximately two years earlier than anticipated.

While a third (32%) of those surveyed expressed they “would have retired earlier if they’d had the chance,” half of the respondents acknowledged struggling with the acceptance of health changes that come with aging.

Furthermore, post-retirement engagement with the workforce presented an interesting picture. The survey showed that a substantial majority, 87%, remained outside the workforce following retirement, and 22% confessed finding it challenging to let go of their former roles.

A high number of respondents, 78%, reported finding fulfillment in their careers. Yet, only a quarter actively missed their work, and 50% of respondents stated they did not miss working at all.

Among the retirees who returned to the workforce, representing 13% of the surveyed population, the reasons varied. For 40%, it was a way to fill their time, while others returned to assist family members, friends, or former employers. A mere one in four cited an increased cost of living as the reason for their return to work.

Individual responses illuminated this further. One respondent mentioned, “My company begged me to do consulting for them,” while another revealed their former boss had “called me back twice.”

However, despite their retirement decisions, nearly half (44%) of the participants confessed that their savings for retirement fell short of their needs. Additionally, 88% of the respondents were enrolled in Medicare, a healthcare program available to U.S. residents over 65.

The survey also examined the common misconceptions about retirement. A notable 57% of participants highlighted the myth that Social Security would completely cover their retirement costs, while slightly over half (51%) acknowledged their mistaken belief that all healthcare costs would be covered under Medicare.