Thursday, May 12, 2011

Retiring Later

Do you have a number in mind for the age at which you'd like to retire? Most of us do, but - as a recent study from Prudential shows - real life has a habit of getting in the way of those plans. Among the people surveyed who had planned to retire this year, 38 percent have changed their minds and decided to work longer. That breaks down as 16 percent who decided they wanted to keep working, and 22 percent who couldn't afford to stop working.

Among those people who had to keep working, the average age at which they'd hoped to retire was 62. Now, they expect to be on the job till an average age of 68. Forty percent of them now think they'll work to at least 70.

It's a bit disquieting that these numbers have gotten worse in the past few years. In 2010, it was just 15 percent of those planning to retire who had to stay on the job due to financial concerns.

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