Should retirement be mandatory?

October 28, 2010

In light of the unrest in France over changes to the mandatory retirement age, as well as the ongoing discussions in this country of the effect of retirement age on Social Security, Extend Health last week polled our retiree panel for their opinion on the issue.  CNBC picked up on the results this morning in a story on why retirement age matters.

We learned that most people (85%) don’t think there should be a mandatory retirement age. Of the 15% minority who think there should be a mandatory retirement age, 42% say it should be 65; 31% say it should be 70; 21% say it should be 67; and the remaining 6% say it should be 72.

Out of the total, 17% are still working at a paying job or have their own business; the majority of that group (62%) say they do it to stay active and engaged.

Click on the link to see the full results, based on responses from 431 retirees over the age of 65.

 Do you think there should be a mandatory retirement age?

Yes                                          15%
No                                           85%

 If you answered yes, what should be the mandatory retirement age?

65                                            42%
67                                            21%
70                                            31%
72                                              6%

Do you earn income by working at a paying job or in your own business now?

Yes                                          17%
No                                            83%

 If you answered yes, why do you work?

I work to stay engaged and active         62%
I work to make ends meet                         15%
I work to earn extra money                     24%

How would you characterize your personal financial situation?

Excellent                                   8%
Good                                         51%
Fair                                            38%
Fairly bad                                  3%
Terrible                                       1%

 Given your personal financial situation, do you think you:

Retired too early                         21%
Could have retired sooner         2%    
Retired at the right time          74%
I still work                                        4%

3 Responses to “Should retirement be mandatory?”

  1. Should retirement be mandatory? « The Extend Health Blog…

    Here at World Spinner we are debating the same thing……

  2. Strange this post is totaly unrelated to what I was searching google for, but it was listed on the first page. I guess your doing something right if Google likes you enough to put you on the first page of a non related search.

  3. Lila Quirk said

    Thanks for taking the time to share this, I feel strongly about it and love reading more on this topic. If possible, as you gain knowledge, would you mind updating your blog with more information? It is extremely helpful for me.

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