Retirement : Early or Later Requires Planning & New Thinking

What's missing in this analysis is when people make plans for retirement, beyond the facts that they probably had no idea how much money they would need once they left the work environment, they also forget that moving out of a controlled institution early or late,  into one that is free from oversight demands completely new thinking.

Once out side of the work place, you become the boss of what happens to you next. The days of blind obedience are over. Little wonder why many go back to work or wind up begging hand outs from our all powerful government. The collective is here to help.

'When ignorance is bliss, 'tis folly to be wise'.

Moving out of the work force early falls mainly on the misconception that no matter what their personal failings are, health and or just ignorance of the real world or the failed thinking that they  want to read and travel, there will always be someone some place to take care of them while they enjoy the good life. This is the mind set that prevails today, the ideology of progressive socialism.

What Causes Workers to Retire Before They Plan?
Source: Alicia H. Munnell et al., "What Causes Workers to Retire Before They Plan?" Center for Retirement Research at Boston College, September, 2015.

October 5, 2015

The number of workers who planned on working past their 65^th birthday increased by 22% from 1991 to 2014.  Yet future plans and reality often do not coincide, and due to unforeseen circumstances workers often retire earlier than planned.  The primary causes of earlier retirement are poor health, fluctuation in employment for either spouse and a change in retirement wealth.

• Deteriorating health seems to be the most common reason for retiring early, accounting for about 4.8 percent.
• Yet even if these top five "shocks" were removed there would still be about 27 percent of workers retiring earlier than they expected.

If health should improve in the upcoming decades, it would follow that people would likely work longer and perhaps a greater number would reach their retirement goals. Increasing job-to-job transitions is often the reason employees stay in the workforce but if layoffs increase so might early retirement.

It is also important to note that often when a parent moves in, the worker will retire early than expected. With more parents of Baby Boomers in need of care, there could be an increase in earlier-than-planned retirement.  All of these factors combined are necessary to take into account when predict future employment trends.