A Schwab news release reported that nearly half (47%) of retirees say they retired when they reached their target date or age; another 27% said they retired once they had reached their financial target; and 38% of retirees said they had neither a financial nor date or age target in mind leading up to retirement.
“Although we tell our clients there really is no magic number – in terms of age or size of nest egg – for retirement, thinking about these targets can be a great catalyst to kick-start retirement planning and initiate an honest discussion about expectations,” said Stacy Hammond, director of Real Life Retirement Services for Charles Schwab, in the news release.
The survey found respondents have high expectations for Social Security in retirement:
- Counting on Social Security to supplement retirement savings: 55% of 50 to 60-year-olds vs. 37% of all Americans
- Not counting on Social Security to be a source of income in retirement: 26% of 50- to 60-year olds vs. 46% of all Americans.