Most people assume they will retire at a certain age, but it turns out many retire earlier than expected because of job loss or illness.
By BenefitsPro staff|April 23, 2012 at 07:46 AM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
Most people assume they will retire at a certain age, but it turns out many retire earlier than expected because of job loss or illness, according to Time Magazine’s Moneyland. The flip side is retiring too early when they could have remained working. Social Security benefits increase 8 percent every year a person delays retiring. Taking early distributions, such as changing a job, is a mistake that can trigger penalties and set back the long-term growth of assets. People forget to account for medical expenses – out-of-pocket expenses for people in retirement have jumped 50 percent the past decade. Retirees don’t convert savings to a reliable income stream that can cover fixed expenses for life. Drawing down retirement savings too rapidly is obviously a problem. Withdrawals of 4 percent of savings starting at age 65 will provide income to age 95. American’s underestimate their longevity. Mid-80s is average, high 90s is very possible.
Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.
Your access to unlimited BenefitsPRO.com content isn’t changing. Once you are an ALM digital member, you’ll receive:
Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
It’s no secret that health benefits have struggled to keep up with workforce expectations during the Great Resignation. Remaining competitive means employers must streamline their health benefits, put employees first and deliver on brand values. Download this guide to help your clients gain an edge in 2022 with their health benefits.
Amid mass resignations and record-high job openings, employees are now firmly in the driver’s seat when it comes to where and how they work. So, how are you going to stand out in this highly competitive market? This guide outlines a forward-thinking health benefits strategy that will ensure your company remains competitive in 2022 and beyond.
Millennials and Gen Z value tobacco and nicotine cessation more than ever before, but quit programs must adapt to their evolving needs. New research indicates successful quit programs have three key facets. Download this interactive ebook to learn how to set your company apart with an effective quit services benefit.