Do Not Plan On Working Past 65 In The US
The media reports that many Americans’ retirement savings are very inadequate and that as a result, many Americans will have to work past the age of 65, I am 75 and still at it, but it is not work for me it is passion.
So you may be surprised to learn that a recent Employee Benefit Research Institute survey shows that 50% of retirees stopped working and exited their jobs sooner than planned.
The Big Q: Why?
The Big A: 50% of these people were forced to stop working and into early retirement by a health issue or because they had to act as a care giver for someone, and layoffs pushed out another 18%
“We always try to tell people you should be prepared for that every day,” the co-founder of Money Managers Financial Group says. “Even if the plan is to work forever, Mother Nature often does things out of control, and you are forced into retirement. Bad things happen to good people.”
Elsewhere on the retirement front.
Life expectancy estimates play a major role in the finances of pension plans. That is because the estimates determine how much money the plans set aside to pay retirees.
If the projections are on the mark or over estimate retirees’ life spans and the plans put aside enough money to meet those estimates, there should not be a problem. But if the projections underestimate retirees’ life spans, leading the plans to put too little money aside, there will be big trouble.
Stay tuned…
HeffX-LTN
Paul Ebeling
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