Banner
  • Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

65 No Longer Finish Line for Workers

Article

Only a minority of Americans now say they plan to retire at or before age 65, according to a newly released study.

woman reading

The age of 65 is no longer the finish line for most American workers.

Four in 10 working Americans (43%) say they expect to retire after—not at—age 65, according to a new study. Only 19% said they expect to retire at age 65. Another 16% said they’ll leave the workforce before 65.

The study was commissioned by the Bankers Life Center for a Secure Retirement. The survey involved 1,000 Americans aged 50 to 68, with household incomes between $25,000 and $100,000.

Not surprisingly, the chief barrier to retirement is money. Nearly two-thirds of those surveyed (62%) said they have doubts about their retirement savings, compared to 38% who said they are “very confident” or “extremely confident” about their retirement savings.

Scott Goldberg, president of Bankers Life, said those challenges aren’t insurmountable.

“Boomers are facing a challenging retirement environment, but just about any of them can improve their financial security through a combination of investment and protection products,” Goldberg said.

The survey found two-thirds of those with between $500,000 and $1 million in investable assets were “very confident” their money will suffice throughout retirement. That number jumps to 86% among people with more than $1 million in investable assets.

However, Bankers Life found only 13% of middle-income Baby Boomers had investable assets above $500,000, while 54% had less than $100,000 and 34% had less than $25,000.

That means the majority of people would have difficulty paying for long-term care, something that has become more common as American life expectancy has increased. Bankers Life noted that one year of care in a nursing home could effectively wipe out the entire savings of the majority of the people in the survey.

Related Videos
Victor J. Dzau, MD, gives expert advice
Victor J. Dzau, MD, gives expert advice