MORE WORKERS EXPECT TO WORK LONGER

March 12, 2010

About one-fourth of U.S. workers have increased their expected retirement age, according to a new survey by the Employee Benefits Research Institute. 

The poor economy or changes in their employment situations are the reasons most often cited for planning to work longer. 

  • Only 8 percent of workers expect to retire earlier than planned, and that is mostly due to poor health or disability.
  • Workers born before 1939 generally set 65 as their expected retirement age.
  • With the rise in Social Security rules to receive full benefits, workers younger than that generally are considering 67 as their retirement age.
  • For those who plan on taking early retirement, 62 has stayed the target age. 

The National Center for Policy Analysis (NCPA) advocates a gradual increase from the official early retirement age of 62 up to perhaps 65. 

"People are living longer," says Pamela Villarreal, a senior policy analyst with the NCPA.  "Plus, the current Social Security benefits system provides little incentive to continue working to full retirement age." 

Source: Diane Stafford, "More workers expect to work longer," Kansas City Star, March 11, 2010.

 

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