Just under half of all workers retire earlier than they expected – and not by choice – according to new research by LIMRA, the insurance industry research firm. The most commonly cited reasons included health problems, job loss or burnout and negative work conditions.
The LIMRA numbers confirm annual surveys by the Employee Benefit Research Institute, which consistently find that workers don’t have as much control over their retirement dates as they expect.
Many of us are planning to work longer in order to make up for inadequate retirement savings or losses in the market. That’s an excellent aspiration, but may not always be the best “plan b.”