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About 25%
of working adults retire earlier than expected because of health
problems, survey finds
Mar 14,
2007--Nearly 25% of working adults in the U.S. retire earlier than
expected because of health problems, according to a survey released
on Monday by
Fidelity Investments, the
Boston Globe
reports.
For the report,
researchers surveyed more than 2,000 U.S. workers age 25 and older
who earned $20,000 or more per year.
They also surveyed 793 retirees age 55 and older (Kerber,
Boston Globe,
3/13). Researchers analyzed private savings, Social
Security benefits and pensions to calculate results.
They found that 63% of respondents planned on
working during retirement at least part time to
supplement their income.
The survey also
found that the typical working household in the U.S. was saving at a
rate that would allow it to replace about 58% of its income in
retirement, up from 57% in 2006 and 56% in 2005. However, the study
found that about 25% of respondents were left with
lower-than-anticipated income because of unexpected health problems
(AP/Los
Angeles Times, 3/13).
Guy Patton, executive director of the Fidelity Institute, said, "The
additional pressure because of health issues only makes that 58%
even more of a problem" (Boston
Globe, 3/13).
Patton added, "When planning for retirement, it's more than about
just money, it's also about health. One can certainly significantly
impact the other" (AP/Los
Angeles Times, 3/13). Laurence Kotlikoff, an economist
at
Boston University, said that individuals' needs in retirement
are so diverse that the Fidelity figures are insignificant (Boston
Globe, 3/13).
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