Younger Americans (18-24-year-olds) on average see themselves retiring at age 56, while older Americans (55-65) expect themselves to retire later in life, at 67 on average. (Photo: Shutterstock)
Do you see yourself retiring early to yacht or jet around the world, or are you expecting to work past 65, either out of necessity or because you want to keep yachting or jetting around the world for as long as you possibly can?
Well, your expectation depends upon the generation you're in, according to Monster's State of the Candidate Report 2019: The Changing Definition of Retirement.
Younger Americans (18-24-year-olds) on average see themselves retiring at age 56, while older Americans (55-65) expect themselves to retire later in life, at 67 on average. For all of the survey respondents, the average expectation is to retire at age 62.
The fact that younger Americans see themselves retiring that early is both good and bad, says Monster career expert Vicki Salemi.
“On the one hand, they're eager to make their mark in their career and optimistic about an early retirement,” Salemi says. “However, on the other hand, with life spans fortunately expanding and hopefully continuing expand, they may find themselves living longer with the need to work well beyond 56 continue to make a living for themselves.”
The survey also found that 401(k) plans and other types of retirement benefits are listed among the most important benefits for all Americans (57 percent). Not surprisingly, a greater percentage of older Americans say these benefits are among the most important (64 percent), while a lower percentage of younger Americans (49 percent) feel that way.
Candidates are looking for the right fit with their prospective employer and that includes everything from compensation, retirement, affordable health benefits, flexible work arrangements and more, Salemi says. When candidates negotiate a new role, they often look to salary and title as a priority, but 401(k) plans and other types of retirement benefits should definitely factor into their decision-making process.
“Retirement benefits and 401 (k) plans are a priority for candidates because they realize all companies aren't equal in what they offer and candidates realize retirement savings is essential to their senior years,” she says. “When looking for a new job, candidates should be savvy about asking for details.”
On the employer side, employers should be cognizant in transparency by sharing information about their retirement plans for job seekers, Salemi says. “And realizing with the labor shortage and competitors vying for the same candidates, I wouldn't be surprised if companies launch task forces internally to compare their plans to competitors and then ramp up their retirement benefits even more,” she says.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
