But there is no 'Magic Number' for everyone. After all, retirement may be decades away, subject to variables such as life events, inflation, stock market returns, and savings rates. That is why such estimates are all over the map.
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Why Many Workers Have to Retire Earlier Than Planned
Save aggressively and stay flexible.
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Most people don’t want to work their whole lives, but financial necessity leads many of us to plan on a late retirement.
A recent study from the Employee Benefit Research Institute (EBRI), however, shows that the ability to work as long as you want might be more illusion than reality.
The study found workers consistently retire earlier than they predicted. Additionally, people overestimate the likelihood that they will continue working in some capacity after they retire.
Knowing that is half the battle. It’s important not to count on the ability to work until age 65 or beyond to pad your savings. Here are three ways you can face an earlier-than-intended retirement with a plan in your pocket.