Among young workers who see getting on the hamster wheel of buying a home, saving some money, building some wealth, and retiring as an increasingly distant goal, one meme endures: I will never be able to stop working. But new data from the New York Fed published this week showed the number of workers expecting to work beyond age 62 has plummeted. Our Chart of the Week below shows the number of respondents to the New York Fed’s survey who expect to work beyond 62 fell to 45.8% in March, down from 55.4% four years ago. And just 31.2% of workers expect to work beyond 67 years old, down from 36.2% four years ago. New York Fed economists found these expectations were represented broadly across age, education, and income demographics, though they were especially pronounced among...read more...
