Study finds many retire earlier than they expected


PITTSBURGH POST-GAZETTE: Research institute finds that just under half of retirees stopped working earlier than they planned.

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PITTSBURGH POST-GAZETTE: Research institute finds that just under half of retirees stopped working earlier than they planned.

“Most people say they will work forever and never retire. But rarely does that ever happen,” said Brendon Costa, a financial adviser for Henderson Brothers Retirement Plan Services in Pittsburgh. “They have to quit for health problems, disability and other reasons beyond their control.

The EBRI report found, as one might expect, that workers who were not confident about their financial security once they stop working planned to retire later than those who were more financially prepared. The researchers said the annual survey has consistently shown that many Americans find themselves retiring unexpectedly, and many retirees cited negative reasons for leaving the workforce, such as health problems or disability (61 percent), changes such as downsizing or a company closure (18 percent), and having to care for a spouse or another family member (18 percent).

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