While Many Pre-Retirees Plan to Work Longer, They May Underestimate Life Expectancy and Don't Have a Financial Plan in Place
Around 70 percent of pre-retirees plan to work longer in retirement, while only 37 percent of retirees took this approach to address retirement risks. These findings are one of several retirement planning issues covered in the Society of Actuaries (SOA) new research report, "2013 Risks and Process of Retirement Survey." The report provides insights on how Americans decide to retire and how they manage resources in retirement.
The online survey of retirees and pre-retirees from ages 45 to 80 provides a glimpse into individuals' financial approaches for retirement and it identifies gaps in retirement preparations. The biggest issues of concern for retirees include inflation, paying for health care and the risk of depleting savings. The survey findings include: