Many people long for early retirement, but not very many are actually prepared for it, according to a recent article in Forbes magazine.
“Many Americans seem to be turning a blind eye to good advice, instead doing what they want to do rather than what may be best for them,” according to the piece “One particularly strong example? Americans are retiring early despite the fact that many are unprepared.”
The story cites a new study from the Center for Retirement Research at Boston College that shows men are now retiring at an average age of 64.
“This retirement age has remained relatively unchanged for four decades, despite the retirement landscape changing around us. The news isn’t all good, however. According to the Employee Benefit Research Institute 2014 Retirement Confidence Survey, 65% percent of pre-retirees plan to work in retirement, yet only 27 percent actually do. Only 44 percent of workers have actually calculated how much they might need to have a comfortable retirement.”
Monthly Social Security benefits, the story states, using statistics from the National Academy of Social Insurance, can be 76 percent higher for those who wait to retire until they are 70 rather than at 62.
“The bottom line is that you may be able to retire in your early 60s and you may not,” the article concludes. “Before you do, instead of ignoring advice … solicit advice from a qualified advisor and take it to heart.