EBRI survey: 1 in 5 people delaying retirement

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The EBRI Retirement Confidence Survey shows 20% of those polled have decided to push back retirement to a later age. That’s one out of every five people putting off retirement.

The good news is, in the previous year’s Employee Benefit Research Institute survey, nearly one in four people said they were likely to put off their golden years.

In the annual survey, 36% of respondents cited the poor economy as their primary reason for pushing back retirement. That was followed by a lack of faith in Social Security (16%) and changes in employment situation (15%).

Despite the year-to-year improvement in the percentage of people expecting to delay retirement, EBRI’s overall 2011 survey shows Americans’ faith in their ability to have a financially secure retirement has slipped to a new low.

Among the survey findings, Americans have steadily pushed up their expected retirement age over the years. Half of workers in 1991 said they planned to retire before age 65, according to EBRI. That’s now down to 23%.

Thirteen percent said they simply can’t afford to retire -- although in reality that number could be 100% because, whatever the specific reason cited, the bottom line is, they don’t have money to kick up their heels.

-- Walter Hamilton