How Not To Tear Your Family Apart

I Expect To Retire When...

A 2020 report by the Employee Benefits Research Institute, based on the survey of 37,000 people aged 50 and older conducted by the Institute for Social Research at the University of Michigan, found that 60% of respondents said their work was impacted by the pandemic. They found that elderly Americans surveyed did not alter their retirement expectations significantly as a result of the pandemic, including planned retirement age and Social Security benefit claiming age. The study examined whether there was any difference between the planned and expected retirement ages of those impacted by the pandemic vs. those who were not impacted and found no statistical difference between the two groups. Both groups largely plan to retire at about age 66 but expect to actually be able to retire at age 69. “Retirement expectations determine retirement intentions, and retirement intentions predict retirement behavior,” the report, authored by Zhikum Liu, senior research associate at EBRI, said. “Individuals who want to maintain their desired standard of living when retired will need to accumulate sufficient financial assets with careful preparation and have a more realistic retirement age projection before actual retirement…” Otherwise, we can expect the caregiving population to explode as people are unprepared for the costs of retirement, especially as it relates to health care costs.