Here’s The Average Age Americans Start To Worry About Retirement – How Do You Compare?

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worry about retirement

Do you remember the first time you really started to worry about retirement?

For some people, thoughts of retirement began the minute they had to go to work every day. For others, retirement is never on their mind and only a dream for people with high-paying jobs and robust savings account.

No matter how old you are or what you do to pay the bills, retirement should always be in the back of your mind.

So when does the average person start thinking about retirement?

Credit Ninja surveyed to determine the average age that “retirement panic” starts and broke it down by state. The online lender created an interactive map to show which states worry about retirements the earliest.

Hover over your state and click to see the average age people start to worry about retirement.

Created by creditninja.com
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Some of the findings are incredibly surprising. Here’s how some of the states compare to one another.

“People in Washington begin to worry about their retirement at 29 years old while Minnesotans start worrying at 23 years old. There are certain states where people begin to worry about retirement early compared to those from other states.

This is the case in South Carolina and in South Dakota, where residents begin worrying about their retirement at just 19 years old.

Likewise, there are states where residents begin worrying about their retirement at late ages.

Arkansans begin to worry about retirement at 42 years old, and Kansans do so at 37 years old.

According to Credit Ninja, 1 in 3 Americans don’t think they will retire at the age they had planned, and almost 1 in 5 say they will withdraw funds from their retirement early.

Over half of the people surveyed worry about retirement and said they don’t expect to retire fully when they are older.

Of the 3,000 people surveyed, the website found that 1 in 5 people said that the financial stress brought on by the pandemic forced them to reassess their original retirement age plan.

If retirement is suddenly on your mind – especially because other people in your state have started thinking about the future – check out how to calculate how much you will need to retire, the best states to retire in, and the expenses to cut right now to boost your savings and possibly retire on your own terms.

[via CreditNinja]

Author
Chris Illuminati

Chris Illuminati is the author of five books and has written about personal finance, wealth, debt management, and entrepreneurship for numerous outlets including Wise Bread, Grow or Die, and Bankrate.

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