Even in the midst of the coronavirus pandemic, many Americans said their retirement expectations are the same as they were last year, according to a new Gallup poll of Americans’ retirement visions. The average expected retirement age was 66 years old — up just one year from 65 in 2018.
How savers plan to fund that retirement is mixed. Some 80 percent of non-retired Americans say they expect to lean on their savings in a 401(k) plan, individual retirement account or other retirement-specific account. Slightly less than three-quarters said they’d use other savings, such as in a CD. Seven in 10 people said they’ll work part time in retirement.
Gallup also asked how much they will need these sources of income. More than half (53 percent) of people said their retirement savings would be a major source of income in their later years, and 27 percent said a minor source.
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