Sixty-one is the average age at which adult New Jerseyans would like to retire. But, bowing to the economic realities that bind them, New Jerseyans think it’s more likely they’ll be working until they’re 66, with a fair number thinking they’ll be closer to 70 by the time they stop laboring. The figures come from the most recent Fairleigh Dickinson University, which focuses on the attitudes of people in the Garden State toward saving for the future.
As well as underlining the gap between residents’ desired retirement age and what many think is in store for them, the poll highlights a sense of anxiety among residents when it comes to retirement saving and financial planning in general: The majority (62 percent) are unsure about how much money they need to save in order to have a secure retirement, while just over one-third (35 percent) are “very sure” about what’s needed. A large majority (72 percent) say they’re not up to speed on basic investment tools — stocks, bonds, and other investments; only 28 percent say they know what’s what in that realm.
Tellingly, a significant number (72 percent) believe that living in New Jersey makes it harder to save for the future.