A few statistical oddities: Like all polls, people say they expect to do one thing, but typically end up doing something else. Gallup notes that since they began tracking the issue of when people plan on retiring, expectations are “consistently higher than the average age at which they actually retire.”
Now here’s my favorite statistic from the survey: Some 11 percent of 18- to 29-year-olds polled expect to retire before age 55. Unless as a group they manage to stash away a lot more money during their working years than any other group, this isn’t going to happen. If anything, as longevity rises, retirement ages will head even higher. These people are in for a surprise.
— Barry Ritholtz, a Bloomberg View columnist, is the founder of Ritholtz Wealth Management, an asset management and financial planning firm. Ritholtz is a consultant at and former chief executive officer for FusionIQ, a quantitative research firm.