Will you retire when planned?
Make sure to protect your plan.
Did you know that over half of people retire earlier than planned?
It's true. While many employees expect to retire later so they can have more income come retirement, a study from Prudential found that 51% of employees retired earlier than planned.
The “Retirement Preparedness Study” found that among those who retired before they had planned, only 23% did so because they either had enough money to retire, wanted to retire, or were tired of working.
Some other key statistics include:
• 46% of those who retired earlier than expected did so due to health problems.
• 30% were laid off from their jobs, or were offered early retirement incentive packages
• 11% left work to take care of a loved one
Not only did retirement occur earlier than planned for many, the gap between the average actual age of retirement, and the planned expected age of retirement was significant. In fact, of those who retired earlier than planned, just over 50% retired five or more years earlier than planned.
If you haven't had a chance to read some of our past posts, then you can find them below.
- Oct 5, 2019 The Millennium Retirement Savings Plan Oct 5, 2019
- Jun 26, 2019 Will Your Employees Still Be Working in Retirement? Jun 26, 2019
- Mar 4, 2019 2019 Summary of Government Benefits Mar 4, 2019
- Dec 6, 2018 Terminating Benefits Ruled Unconstitutional Dec 6, 2018
- October 2018
- Aug 3, 2018 What does Healthcare really cost you? Aug 3, 2018
- Jul 4, 2018 Are we saving enough for retirement? Jul 4, 2018
- Apr 17, 2018 The Marshmallow Generation Apr 17, 2018
- Apr 5, 2018 4 Ways to Increase Your Employee Retirement Benefits. Apr 5, 2018
- Mar 13, 2018 Will you retire when planned? Mar 13, 2018
- Jan 26, 2018 2018 Guide to Government Benefits Jan 26, 2018
- Jan 23, 2018 Rating Your Pension Advisor: Are you getting the best advice? Jan 23, 2018
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About the author:
Over his 40 year career, Wayne has worked with hundreds of Canadian corporations to design and manage Retirement Savings Programs involving thousands of plan members.
His hands-on approach and involvement at the Plan Member level gives him a unique ability to see things through the eyes of all the stakeholders and most importantly, the Plan Member.
He has literally been there, and done that, on the shop floor, not the 52nd floor.
This experience has allowed him to simplify the plan design and management of retirement programs in such a way that the most important elements are clearly understood by both the Plan Sponsor, and the Plan Member.
As he always says, “if you can’t explain it to an eight year old, then you don’t understand it.”
You can contact Wayne at: firstname.lastname@example.org
Prudential Investments, 2016 Retirement Preparedness Survey