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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