Baby Boomers may not be able to work as long into retirement as they believe, according to new research by the Insured Retirement Institute. Nearly two-thirds of Boomers say they are counting on employment during their retirement years as a source of income, several studies have found that half of workers leave the workforce prematurely.
“About half of retirees leave the workforce earlier than they planned because of, among other issues, health concerns or a lack of employment opportunities,” IRI President and CEO Cathy Weatherford said. “As we live longer, it’s becoming more commonplace to accept the idea that we have to work a few extra years. And rightfully so. But Boomers must reevaluate their plans and develop contingencies in case they cannot work as long as they intend. This evaluation requires identifying alternative sources of lifetime income.”