Before I start talking about our findings, please note you can find all of the raw data collected in the link on the bottom of this article.
What should be the minimum US retirement age?
Key Takeaways from Survey Results
- The majority of respondents (51%) believe that the minimum US retirement age should be between 61 and 65 years.
- A significant number of respondents (29%) feel that the retirement age should be between 66 and 70 years.
- 7% of respondents think that the minimum retirement age should fall within the range of 56-60 years.
- A small portion of respondents (13%) believe that the retirement age should be 71 or older.
- No respondents who participated in the survey were in the age group of 55 or younger.
Insights from this part of the survey
Based on the survey results, it is clear that the majority of people hold the opinion that the minimum US retirement age should be between 61 and 65 years. This aligns with the traditional retirement age range and possibly reflects the societal norm and expectations associated with retirement.
Interestingly, a considerable number of respondents (29%) indicated that they believe the retirement age should be between 66 and 70 years. This may indicate a growing trend of people desiring to work longer and delay their retirement for various reasons such as financial stability or personal fulfillment.
On the other hand, only 7% of respondents felt that the minimum retirement age should be within the range of 56-60 years. This suggests that there is a relatively smaller percentage of individuals who advocate for an earlier retirement age.
It would be interesting to explore their reasons for advocating this position further.
Additionally, it is worth noting that a small portion of respondents (13%) expressed the opinion that the retirement age should be 71 or older. This may reflect a belief among some individuals that people should have the freedom to continue working well into their elderly years if they are physically and mentally capable.
A peculiar observation from the survey is that none of the respondents fell into the age group of 55 or younger. This could indicate that the survey was mainly targeted towards those who are closer to retirement or have already reached that stage in life.
It would be valuable to conduct further research with a broader age range to capture a more comprehensive perspective on this topic.
Comparison of Retirement Age Preferences
| Retirement Age Range | Percentage of Respondents |
|---|---|
| 55 or younger | 0% |
| 56-60 years | 7% |
| 61-65 years | 51% |
| 66-70 years | 29% |
| 71 or older | 13% |
This comparison further emphasizes the popular opinion that the retirement age should be around the early to mid-60s, as the majority of respondents selected a range within these years. However, it is interesting to see a significant portion advocating for a higher retirement age of 66-70 years, potentially reflecting a changing trend in retirement patterns.
What's the highest age that you still consider early retirement?
Key Takeaways from Survey Results
- 34% of all respondents still consider early retirement before the age of 45.
- 14% of respondents think that early retirement is achievable between the ages of 45 and 50.
- 23% of the participants believe that 51 to 55 is the highest age for early retirement.
- 20% feel that retirement can still be considered early if achieved between 56 and 60.
- Only 8% of respondents consider retiring after the age of 61 to be early retirement.
- 1% of participants did not provide a response or stated that early retirement is not applicable to them.
Insights from this part of the survey
Based on the survey results, it is evident that there is a diverse range of perspectives on what constitutes early retirement. A significant portion of respondents, 34%, believe that retiring before the age of 45 is early enough.
This group may have various reasons for desiring early retirement at such a young age, such as pursuing other personal goals or financial independence.
Additionally, 14% of respondents consider the age range of 45 to 50 as fitting for early retirement, which could suggest a slightly more conservative approach compared to those aiming for retirement before 45. This group might prioritize financial stability or reaching a certain level of career accomplishment before retiring early.
Interestingly, 23% of participants believe that early retirement should occur between the ages of 51 and 55. This age range may reflect individuals who have already reached their peak earning years and feel ready to enjoy their later life without the burden of work.
Furthermore, 20% of respondents consider retiring between the ages of 56 and 60 to be early. This group might include individuals who anticipate working longer due to personal circumstances or the need to build up sufficient retirement savings.
Only a small percentage, 8%, of respondents feel that retiring after the age of 61 can still be considered early retirement. This category likely represents individuals who perceive early retirement as a concept more relative to the traditional retirement age of 65 or later.
It's also important to acknowledge that 1% of participants either did not provide an answer or indicated that early retirement is not applicable to them. This could be due to various reasons, such as being at a different stage in their careers or having plans for a later retirement date.
Comparison of Age Ranges for Early Retirement
| Age Range | Percentage |
|---|---|
| Before 45 | 34% |
| 45-50 | 14% |
| 51-55 | 23% |
| 56-60 | 20% |
| After 61 | 8% |
| N/A | 1% |
The table above provides a comparison of the age ranges chosen by respondents as the highest age for early retirement. It is evident that retiring before the age of 45 is the most popular choice among the participants, with 34% of the respondents selecting this range.
On the other hand, only 8% of the respondents consider early retirement to be feasible after the age of 61.
Have you considered early retirement as a part of your financial goals?
Insights from this part of the survey:
Based on the survey results, it is clear that early retirement is a topic of interest for a significant portion of the respondents. The data shows that there is a diverse range of attitudes towards early retirement:
- 34% of the respondents (17% + 17%) consider early retirement as their main financial goal or have already made it their main goal. This indicates that a sizable proportion of individuals prioritize achieving financial independence at an earlier stage of life.
- An additional 25% of respondents are actively planning for early retirement, demonstrating a proactive approach in preparing for their future.
- 14% of the participants have some thoughts about early retirement, but they have not yet made specific plans. This suggests that they are aware of the concept and its potential benefits, but might be uncertain or undecided about when and how to pursue it.
- 32% of respondents are not actively considering early retirement but remain open to the possibility. This indicates that although they are currently focused on their career or other aspects of their lives, they have not completely ruled out the option of retiring early in the future.
- 9% of the respondents have no intention of retiring early and plan to work until the typical retirement age. This group values the security and stability of working until a predetermined retirement age, relying on a traditional path.
- A small percentage of 3% did not provide a response or their response was not applicable (N/A). This might be due to various reasons, including the individuals being too young to consider retirement or not currently employed.
It is noteworthy that a total of 51% (17% + 25% + 9%) of all respondents have either made early retirement their main goal or are actively planning for it. This indicates a substantial interest in achieving financial independence and enjoying a potential retirement before the typical age.
Comparison Table:
| Response | Percentage |
|---|---|
| Main Goal | 17% |
| Planning for Early Retirement | 25% |
| Somewhat Considering, No Specific Plans | 14% |
| Open to the Possibility | 32% |
| Working until Typical Retirement Age | 9% |
| N/A | 3% |
What sources of income do you plan to rely on during retirement?
Key Takeaways from Survey Results
- Part time work is the least popular source of income during retirement, with only 14% of respondents planning to rely on it.
- Social Security is the most common source of income, with 35% of respondents depending on it.
- The percentage of respondents relying on pensions is the same as those planning for part time work, at 17%.
- Only 5% of respondents plan to rely on rental income during retirement.
- Dividends/interest income is a popular choice, with 29% of respondents planning to rely on it.
Insights from this part of the survey
Based on the survey results, it is evident that there is a significant reliance on Social Security as a source of income during retirement, with 35% of respondents choosing this option. This highlights the importance of Social Security benefits in supporting individuals after they stop working.
Furthermore, the percentage of respondents planning for part time work and those relying on pensions are the same at 17%. This suggests that a considerable number of individuals anticipate supplementing their retirement income through some form of employment, whether it be part time work or pension benefits.
Interestingly, rental income is the least preferred option, with only 5% of respondents planning to rely on it. This may indicate that a majority of individuals participating in the survey do not consider renting out properties as a viable source of income during retirement.
On the flip side, dividends/interest income seems to be a popular choice among respondents, with 29% planning to rely on it. This could suggest that many individuals have investments that generate dividend or interest income, providing them with an additional financial cushion during retirement.
Comparison: Part Time Work versus Pension
| Source of Income | Percentage |
|---|---|
| Part time work | 14% |
| Pension | 17% |
When comparing the percentage of respondents relying on part time work versus those relying on pensions, it is interesting to note that while part time work may seem less popular, there is only a 3% difference between the two.
This indicates that a significant portion of individuals are considering part time work as a viable option for generating income during retirement, potentially due to the desire to stay active or the need for additional financial security.
What's your main reason to retire early?
Insights from this part of the survey:
Based on the statistics, it's apparent that the majority of respondents retire early to pursue their hobbies and passions. This underscores the importance of personal fulfillment and the desire to engage in activities that bring joy and satisfaction in life.
Reducing stress also emerges as a compelling factor. Retirement offers an opportunity to step away from demanding and pressure-filled work environments, allowing individuals to prioritize their well-being and mental health.
The survey results suggest that many individuals recognize the benefits of retiring early to escape high-stress levels.
On the other hand, while spending more time with family is commonly regarded as a core reason for early retirement, it appears to be a less prominent factor among the respondents. This may be due to various factors such as individual circumstances, personal dynamics within families, or different motivations driving retirement decisions.
Traveling more also holds significance for a portion of those who retire early. The flexibility and freedom that retirement brings enable individuals to explore new destinations, immerse themselves in different cultures, and fulfill their wanderlust.
It's worth noting that health concerns played a minimal role in the survey results. This suggests that the majority of respondents either retire early for other reasons or feel that their health situation does not drive their retirement decision.
However, individual cases may vary, and health concerns can still be a crucial factor for some individuals but not reflected prominently in this particular survey.
Comparison Table: Primary Reasons for Early Retirement
| Reason | Percentage |
|---|---|
| Pursue hobbies and passions | 57% |
| Reduce stress | 22% |
| Travel more | 13% |
| Spend more time with family | 7% |
| Health concerns | 1% |
What percentage of your income do you save for retirement?
Key Takeaways from Survey Results
- 28% of all respondents currently don't save anything for retirement.
- 8% of all respondents save 1-2% of their income for retirement.
- 30% of all respondents save between 3-10% of their income for retirement.
- 24% of all respondents save between 11-20% of their income for retirement.
- 10% of all respondents save more than 21% of their income for retirement.
Insights from this part of the survey
Looking at the survey results, it is clear that there is a wide range of approaches to saving for retirement among the respondents. While 28% of participants admitted to not saving anything at all, the majority of respondents (72%) are actively putting away a portion of their income for the future.
Let's delve deeper into these insights:
Low Saving Rates
It is concerning that 28% of respondents are not saving anything for retirement. This suggests a lack of long-term financial planning or a potential inability to save due to existing financial constraints.
Without proper savings, individuals in this group may face significant challenges in ensuring a secure retirement.
Minimalist Saving
A small percentage of respondents (8%) save only 1-2% of their income for retirement. While any amount of saving is a step in the right direction, this level of contribution may not be sufficient to support a comfortable retirement.
It is important for individuals in this group to consider increasing their savings rate to better safeguard their financial future.
Moderate Saving Efforts
A significant number of respondents (30%) save between 3-10% of their income for retirement. Though this range is higher than the previous groups, it still falls within the lower end of recommended savings rates.
While it's commendable that these individuals are setting aside a portion of their income, considering higher contributions would likely lead to a more secure retirement.
Above Average Savers
Aggressive Savers
Overall Recommendations
Based on the survey results, it is evident that saving for retirement is critical for long-term financial security. Regardless of income level, it's crucial for everyone to start saving early and increase their savings rate over time.
Regularly monitoring and reassessing financial goals is also vital to ensure that retirement needs are being adequately met.
Seeking professional financial advice may be beneficial for individuals who are unsure about the best savings strategies for their specific circumstances.
Saving Comparison Table
| Saving Range | Percentage of Respondents |
|---|---|
| I currently don't save anything | 28% |
| 1-2% | 8% |
| 3-10% | 30% |
| 11-20% | 24% |
| More than 21% | 10% |
Methodology
The objective of this survey was to learn more about how people choose and use a early retirement. The survey had 9 questions:
What should be the minimum US retirement age?
What's the highest age that you still consider early retirement?
Have you considered early retirement as a part of your financial goals?
What sources of income do you plan to rely on during retirement?
What's your main reason to retire early?
What's the minimum savings rate that you consider to be good?
What percentage of your income do you save for retirement?
How much money do you need to save to retire early?
What withdrawal rate do you think is sustainable for early retirees?
We then looked at the answers to see if there were any trends among different groups.
Survey Design:
We wanted the survey to reach a wide range of people with different backgrounds and interests.
About the participants:
Our target audience was:
We split the group that took part further by things like gender, income level, and others. That let us see how different factors affected their answers.
Data Collection:
They got an online survey where they would provide basic information about themselves. Later, they received a questionnaire with multiple-choice questions (A to E answers or ""not applicable"").
You can find the raw data collected in this file:
Data Analysis:
We used quantitative analysis to look for trends, patterns, and connections in the responses. The answers were summed up using statistics to give the overall opinion and actions of those who took part.
Cross-tabulations let us see how different survey questions and demographic groups relate.
Limitations:
Sampling size:
The intent was exploratory research, as there is no research in the field (Or close to nothing), so the sampling size is small. Hence, the findings may not be representative of the general population but may indicate trends within the specific group surveyed.
Sampling bias:
Online surveys miss people without (or who don't want) internet access. Also, the stratification used reduced the randomization and may not reflect the actual distribution of users (Ex.: Males or females may actually be the majority of users).
Target audience bias:
The target audience chose people who already owned the product, so the results may not represent the views of those who do not yet own it. The views of non-owners may be very different.
Self-Reporting:
Opinions are subjective, and people may give more socially acceptable replies or misremember what they did. We guaranteed participants complete privacy upfront to mitigate this problem. Also, some answers order was randomized.
Limited Scope:
The survey only asked specific questions, so we may have missed other factors in consumer choices.
Demographic Differences:
We tried to include diverse backgrounds, but the statistics may not fully represent all groups.
How about sharing this exploratory research on your social media to spark some discussion?