The average age at which U.S. workers expect to retire is 66, up slightly from about 64 years of age between 2004 and 2008.
In 1995, workers expected to retire at age 60, according to Gallup’s 2016 Economy and Personal Finance Poll. Thirty-eight percent of U.S. adults now expect to retire between the ages of 62 and 67, while 23% expect to stop working before they turn 62. But many workers (31%) predict they won’t retire until after age 67, the current minimum age for receiving full Social Security retirement benefits.
Lower-income workers plan to retire a bit later, on average, than those earning $75,000 or more annually. Young adults, ages 18 to 29, plan to retire earlier than middle-aged and older adults, likely reflecting youthful optimism about their future income and savings, Gallup says.
Although Americans now on average expect to retire at age 66, Gallup found that many retired Americans report they stopped working much earlier at an average of 61 years of age. More specifically, 42% of retirees say they stopped working before age 62, while just 13% continued working until they were 67 or older. But Gallup notes that current retirees span an age range of more than 40 years, meaning that some retired decades ago while others retired very recently, and their age at retirement reflects societal and economic patterns of that time.
Gallup found that one in seven seniors (67 and older) are still in the workforce today. When this is taken into account, 26% of adults 67 and older are either still in the workforce (14%) or worked until they were 67 or older before retiring (12%). That is slightly less than the 31% of today’s non-retirees who intend to work past age 67. However, the greater discrepancy is in the percentage retiring before age 62: 36% of today’s seniors say they did this, while just 23% of current workers intend to.
Many factors go into when a worker will retire including finances, health, family needs and layoffs, Gallup notes. Fewer workers today than in the past say a pension will be a major income source in retirement, and many have been unable to save sufficiently during the economic slowdown of the past decade. Seven in 10 employed adults told Gallup in April that they are worried about not having enough savings for retirement. As a result, they are continuing to work.
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Cafaro Greenleaf (CG), an advisory
firm for corporate and public retirement plans, hired Joe Schildhauer to head its Houston, Texas office.
Schildhauer
will work with retirement plan participants and assist plan sponsors in
implementing the highest level of fiduciary standards, focusing on key aspects
of retirement plans such as fee transparency, plan design, education and
monitoring.
Schildhauer
is a co-founder of Wealth Benefit Advisors, a Houston-based investment
consulting firm specializing in investment advisory and fiduciary consulting
services to qualified retirement plans, foundations, and trusts.
He
is an Investment Advisor Representative, holds a Series 65 license, and has
earned the Accredited Investment Fiduciary Analyst (AIFA) designation awarded
by the Center for Fiduciary Studies. Schildhauer earned a BA in Business
Administration from Kansas State University, as well as CLU, ChFC and REBC designations
from The American College.
NEXT: Hooker & Holcombe Adds Consultant
Hooker & Holcombe, a regional provider
of employer-based actuarial, investment advisory and retirement plan
consulting, announced the addition of Kathryn
“Kate” Pizzi as a consultant within the firm’s investment advisory group.
She
will be responsible for managing client relationships in addition to projects
within the sales, research and management areas of the firm. Pizzi is a former
employee of Hooker & Holcombe, serving as a senior actuarial analyst more
than 10 years ago.
She
has more than 16 years of experience serving the actuarial and investment
advisory needs of both public and private institutional clients, with the past
eight years focused on investment-grade fixed income investing.
She
was previously with Prime Advisors, Inc., serving most recently as senior
investment strategist and fixed income portfolio manager, where she managed more
than $2 billion in investment-grade fixed income assets.
Pizzi
graduated magna cum laude from Boston University with a bachelor’s degree in
mathematics and economics. She is a
member of the American Academy of Actuaries, an Associate of the Society of
Actuaries, and is currently a Level 3 Candidate for the Chartered Financial
Analyst (CFA) designation.
NEXT: SageView Hires Retirement Plan Consultant
SageView Advisory
Group,
an independent retirement consulting firm, hired Ann Cheu as Retirement Plan Consultant.
Cheu
joins the Woodside, California, office and fellow team members including Bob Patton, David Shnapek and William Posch.
With
more than 16 years in the retirement plan industry, Cheu has a wide range of
experience in retirement plan design with a specific focus in managing plan
costs, fiduciary oversight and strategic plan design. She especially enjoys
on-boarding new clients and considers herself an extension of the human resource
and finance teams she’s fortunate to serve.
Cheu
began her career at Mercer Investment Consulting in Los Angeles and after six
years, moved north to launch the San Francisco practice. Most recently, she was a managing consultant
at Precept Advisory Group where she partnered with many Bay Area and Silicon
Valley plan sponsors to help them create and manage competitive and
cost-effective retirement plan solutions that integrate with each company’s
total compensation strategies.
NEXT: Prudential Fixed Income Names New Head of
Product and Distribution
Prudential Fixed
Income’s Global Head of Product Management and Distribution Peter Cordrey will be retiring in
the fourth quarter of 2016 after a 20-year career with the firm.
The
firm announced that Bas NieuweWeme
joined Prudential Fixed Income effective May 9, 2016, as a managing director where he will lead the firm’s global client
service, consultant relations, distribution, liability-driven investing, and
marketing teams. NieuweWeme will report to Michael
Lillard, head of Prudential Fixed Income. Prudential Fixed Income is a part
of PGIM, the global investment management businesses of Prudential Financial,
Inc.
NieuweWeme
was most recently the head of Institutional Distribution at Voya Investment
Management, where he oversaw global sales, consultant relations, RFPs,
relationship management, and client service and was a member of the firm’s
management committee. Previous roles during his 16-year tenure at Voya include head
of Institutional Sales and Relationship Management for ING U.S. Investment
Management and vice president of Global Marketing and Distribution for ING
Investment Management.
NieuweWeme
received a law degree from the Amsterdam School of Law with a specialization in
tax law and an Executive MBA at the New York University Stern School of
Business.
NEXT: Henry Yoshida Joins Student Loan Genius
Student Loan Genius, an Austin-based
student loan benefits provider, announced that Henry Yoshida, Honest Dollar co-founder, has joined its team as the
vice president of partnerships and
product strategy.
Yoshida
brings more than 14 years of experience aiding companies with the development
of benefits solutions that help employees improve their financial picture.
Yoshida
will lead efforts to expand and enhance the fintech startup’s collaboration
with partners like Prudential Financial. In March of 2016, Prudential announced
it will help bring
Student Loan Genius’ platform to the four million retirement plan participants
whose companies opt-in.
Yoshida
will work closely with the Prudential team, customers and other partners to
help the company continue to innovate through services like its 401(k)
contribution feature, which allows
employees to grow retirement funds by paying off their student loans.
Global value investor
Abhay Deshpande
launched Centerstone Investors, LLC
an employee-owned asset management firm headquartered in New York.
Previously,
Deshpande was a portfolio manager at First Eagle Investment Management.
Centerstone will initially offer two value-oriented strategies to retail and
institutional investors.
The
two risk-managed strategies are available in mutual fund and institutional
separate account vehicles and will be managed by Deshpande, who serves as chief
investment officer of Centerstone, along with an investment team averaging 15
years of investment management experience. The strategies include the
Centerstone global multi-asset strategy, focused on investing in both U.S.
domestic and foreign assets and employed by the Centerstone Investors Fund
(CENTX). The related strategy, the Centerstone international strategy, is
focused on investing in markets outside the U.S. and is utilized by the
Centerstone International Fund (CINTX).
The
strategies will be managed according to Centerstone’s operating principles,
which govern the firm’s approach to investing in what it believes are
undervalued assets to potentially derive value for clients over a long-term
investment horizon, while seeking to protect against the risk of loss of
principal.
Prior
to his 15-year tenure at First Eagle, Deshpande served as an investment analyst
for Harris Associates’ Oakmark International Fund and Oakmark International
Small Cap Fund. He spent his early investing career as an analyst for
Morningstar and Conservative Asset Management, the latter a Kentucky-based
boutique investment adviser.