Only 48 percent of American workers plan to retire at age 67, with others planning to work longer, according to a survey released by Sun Life Financial.
The data also showed that only 46 percent of those surveyed are “very confident” they will have enough money to take care of basic living expenses at 67, and 28 percent are “very confident” they will be able to take care of medical expenses.
Younger generations have little confidence that government benefit programs such as Social Security and Medicare will be available when they retire, as 63 percent of workers 30 to 39 years old don’t believe Social Security will be available. The same age group also noted the need for employer-sponsored health care benefits as a reason to work past 67.
The survey was conducted August 9-19 and covered 1,515 people who were working either part time or full time.
Filed by John D’Antona Jr. of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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