Cattusbabe
Full time employment: Posting here.
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- Apr 3, 2006
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Many Americans retire years before they want to
By Sandra Block and Stephanie Armour, USA TODAY
The stark reality is that most of today's middle-age workers who want to continue working after 60 or even 65 will need to find a new source of income. While nearly half of baby boomers expect to work past 65, only 13% of current retirees surveyed this year by consulting firm McKinsey & Co. actually worked until that age. Forty percent of current retirees were forced to stop working earlier than they had planned, the survey found. The average age when current retirees left the workforce: 59.
...As of 2005, just 60% of 60-year-olds, 32% of 65-year-olds and 19% of 70-year-olds were employed, according to the Bureau of Labor Statistics. Current retirees cited two primary reasons for quitting sooner than planned:
•Illness. About 47% of current retirees who retired earlier than planned were forced to stop working because of health problems, according to McKinsey & Co. Less-affluent retirees were far more likely to cite health problems as the reason for forced retirement than higher-income workers were, the study found. "At lower-income levels, many of these people have jobs that require physical labor," says David Hunt, a senior partner at McKinsey. As they age, some are no longer able to handle the demands of their jobs, he says.
•Unemployment. Forty-four percent of current retirees who retired earlier than planned blamed job loss or downsizing. Unemployment was the most frequently cited reason for early retirement among retirees with more than $250,000 in investments, the McKinsey study found. "Even at reasonably high levels of pay, if you're laid off when you're 53 or 54, it's much harder to get retrained and back in the workforce," Hunt says.
http://www.usatoday.com/money/perfi/retirement/2006-07-09-retire-early_x.htm
EDIT: Shorten quote and provide link
By Sandra Block and Stephanie Armour, USA TODAY
The stark reality is that most of today's middle-age workers who want to continue working after 60 or even 65 will need to find a new source of income. While nearly half of baby boomers expect to work past 65, only 13% of current retirees surveyed this year by consulting firm McKinsey & Co. actually worked until that age. Forty percent of current retirees were forced to stop working earlier than they had planned, the survey found. The average age when current retirees left the workforce: 59.
...As of 2005, just 60% of 60-year-olds, 32% of 65-year-olds and 19% of 70-year-olds were employed, according to the Bureau of Labor Statistics. Current retirees cited two primary reasons for quitting sooner than planned:
•Illness. About 47% of current retirees who retired earlier than planned were forced to stop working because of health problems, according to McKinsey & Co. Less-affluent retirees were far more likely to cite health problems as the reason for forced retirement than higher-income workers were, the study found. "At lower-income levels, many of these people have jobs that require physical labor," says David Hunt, a senior partner at McKinsey. As they age, some are no longer able to handle the demands of their jobs, he says.
•Unemployment. Forty-four percent of current retirees who retired earlier than planned blamed job loss or downsizing. Unemployment was the most frequently cited reason for early retirement among retirees with more than $250,000 in investments, the McKinsey study found. "Even at reasonably high levels of pay, if you're laid off when you're 53 or 54, it's much harder to get retrained and back in the workforce," Hunt says.
http://www.usatoday.com/money/perfi/retirement/2006-07-09-retire-early_x.htm
EDIT: Shorten quote and provide link