American workers keep moving the goal line for retirement farther out.
Shifting and uncertain target dates for retirement are becoming the norm — making it harder for employees to establish meaningful financial plans, according to a recent MetLife survey.
In the last year alone, four out of ten employees have changed their predicted retirement date — with 30 percent raising their expected retirement age, according to MetLife’s 9th annual Employee Benefits Trends Study.
Fifty-nine percent of workers in the study expect to work beyond age 65. That jumped from 52 percent a year ago, MetLife said in a news release.
Also, the study said, many employees lack confidence in their ability to prepare for retirement.
Only 39 percent felt assured about managing the funds in their employer-sponsored retirement plan, the study said. And 54 percent have not calculated how much annual household income they will need in their retirement.
The MetLife research is similar to other studies that came out recently. For example, the Employee Benefit Research Institute found that if Baby Boomers and Gen Xers delay their retirement past the age of 65, many of them still will not have adequate income to cover their basic retirement expenses and uninsured health care costs.
Where are you at? Have you postponed your expected date? If so, how much will that help you?
If you’re getting close to retirement, do you need help figuring out a game plan? Is your employer assisting you?
If you’re not close to retirement, are you counting on Social Security and Medicare or not?
- Henry Unger, The Biz Beat
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