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Farrow Pension & Benefits

NEWS

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. 

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About the author: 

Wayne Farrow

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: wayne@farrowpension.ca


 

 

Resources: 
 

Prudential Investments, 2016 Retirement Preparedness Survey