Retirement Planning

Will I Be Able to Retire When I Want?

There are a number of reasons why people who are age 60+ are reporting they will delay plans to retire. From financial obligations to concerns about healthcare, retirement day differs for everyone.

6 Reasons Why You May Find Yourself Retiring Later Rather Than Sooner

Retiring confidence has increased over the past few years, the majority of Americans are still not confident in their ability to retire when they want. In fact, 43 percent of employees plan on postponing their retirement a lot longer than anticipated, according to PWC's Employee Financial Wellness Survey.1

According to the study, 52 percent of employed Baby Boomers plan to delay retirement. Here's what the survey revealed as the top reasons why.

  1. They haven't saved enough.

    The number one reason why older workers are postponing retirement is because they don't believe their nest egg is large enough to support them once their paychecks stop. In fact, the survey revealed that many employees are fearful that they'll run out of money in retirement, with 47 percent admitting that they haven't saved enough.

  2. They need healthcare benefits.

    Nearly one-in-three employed Baby Boomers consider healthcare costs in retirement as a prime contributor to their worries about exiting the workforce. Needing to keep their current healthcare coverage ranked among survey respondents as the third most popular reason for delaying retirement.

  3. They're supporting dependents.

    Six percent of Baby Boomers employees surveyed said they'll have to delay retirement because they are continuing to support children and/or grandchildren.

  4. They enjoy their jobs.

    The survey revealed that 36 percent of people over the age of 60 continue to work because they simply enjoy what they do.

  5. Too much debt.

    Fifteen percent of this group said they can't possibly retire as planned due to the amount of debt they are still carrying.

  6. To remain active.

    Over half (57 percent) of those surveyed said they would consider a partial retirement or reduced schedule if one was offered.

For a wide array of retirement resources and tips on saving for retirement, visit the Protective Learning Center.

1. PwC 2017 Employee Financial Survey

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