I don't know if this link will work for non-aol members. *There should be a WSJ link too. *Some interesting information -- too much to put it all in the post.
The Great American Retirement Quiz
By GLENN RUFFENACH
Staff Reporter of THE WALL STREET JOURNAL
December 28, 2004
. . .
1. What are the average ages at which men and women retire in the U.S.?
a. 61 a. 61
b. 62 b. 62
c. 63 c. 63
d. 64 d. 64
Answers: B (men) and A (women). The exact figures, based on labor-force data for 1999 to 2004, are 61.6 for men and 60.8 for women, according to research by Murray Gendell at Georgetown University. While those ages have fallen significantly in the past five decades (men and women in the early 1950s stopped working at age 67, on average), the percentage of adults age 60-plus in the nation's labor force has been increasing in recent years. That change suggests that average retirement ages may be starting to bottom out and could begin to rise in the near future.
2. What percentage of current workers say they plan to retire after age 62?
a. 47% b. 57% c. 67% d. 77%
Answer: B. That figure has increased steadily in the past six years, according to a series of retirement surveys by the Gallup Organization for UBS AG. In 2002, 47% of current workers said they planned to retire after 62; in 1998, only 36% of respondents said they planned to wait until age 62 to leave their jobs.
3. If you retire at age 65, what percentage of your life can you expect to spend in retirement?
a. 16% b. 18% c. 20% d. 22%
Answer: D. An American who reaches the age of 65 has an average additional life expectancy of 18 years. Thus, if you retire at 65 and die at 83, you would have spent 22% of your life in retirement. And remember, 18 years is the average life expectancy; half of those who reach age 65 can expect to live longer than 18 years. The point: Many people continue to significantly underestimate their life expectancy -- and the risk that they will outlive their retirement savings.
4. What is the most important factor in Americans' decision to retire?
a. Employer pressure b. Health decline
c. Family reasons d. Qualify for Social Security benefits
Answer: D. In a study by the National Council on the Aging, 72% of those surveyed said qualifying for Social Security was their most important reason for retiring.
Retired...Working...or Something in Between?
5. What percentage of Americans age 65-plus consider themselves completely retired?
a. 58% b. 68% c. 78% d. 88%
Answer: A. In a survey by the National Council on the Aging, slightly more than half of older adults considered themselves "retired" in the traditional sense. Twenty-three percent said they are retired and working, and 19% said they aren't retired.
6. How many people age 65-plus are in the labor force?
a. 2.5 million b. 3.5 million c. 4.5 million d. 5.5 million
Answer: C. In 2002, more than 2.5 million men and 1.9 million women age 65-plus were working or actively seeking work. Labor-force participation rates among older adults dropped steadily during the 20th century, reaching a low in 1985 of 15.8% for men and 7.3% for women. By 2002, the rates had climbed back to 18% for men and 10% for women.
7. What percentage of current workers say they expect to work for pay in some capacity after they retire -- and what percentage of current retirees say they have, in fact, worked for pay at any given point in retirement?
Current workers Current retirees
a. 38% a. 32%
b. 48% b. 42%
c. 58% c. 52%
d. 68% d. 62%
Answers: D (current workers) and A (current retirees). Although two-thirds or more of current workers regularly tell researchers that they plan to earn a paycheck in later life, only about one-third of current retirees actually have done so. The point: "It is unlikely that all of the workers who would like to work in retirement will be able to do so," concludes the Employee Benefit Research Institute. "Many will find themselves unable to work for health reasons."
. . .
There are 41 questions and answers in the full article for those who find this kind of trivia interesting.