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| Retirees leave workforce earlier than expected |
| Large numbers of American retirees are forced to leave the workforce earlier than they had originally planned, either because of personal reasons or company-related troubles, the Employee Benefit Research Institute said in its 2009 Retirement Confidence Survey.
The findings underscore the country's high unemployment rate, which reached 9.5 percent in June. In 2009, 17 percent of retirees had planned to stop working between ages 60 and 64, but 37 percent actually did. The trend was consistent for all age groups under 65. Six percent of retirees had planned to stop working between 55 and 59, while 17 percent did; and 3 percent of retirees planned to stop working before 55, while 18 percent did. Overall, 47 percent of retirees left their jobs earlier than planned. Their reasons for retiring early were varied, and mostly negative. Forty-two percent of retirees cited health problems or disability; 34 percent said companywide downsizing or closure forced them to stop working; 18 percent said having to care for a spouse or another family member forced early retirement. Another 13 percent said outdated skills forced them to stop working. EBRI conducted the research along with Mathew Greenwald & Associates, a Washington, D.C.-based market research company. (The preceding report appeared on the Web site www.financial-planning.com on July 15, 2009.) |
| July 16, 2009 |
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