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Do Worker Expectations of Never Retiring Indicate a Preference or an Inability to Plan?

Do Worker Expectations of Never Retiring Indicate a Preference or an Inability to Plan? <p>Using the 2013 Survey of Consumer Finances, we found that 18% of full-time workers aged 35–60 years who were household heads expected never to retire. Expecting never to retire was more related to a failure to plan rather than a preference for working indefinitely. Most workers stating that they would never retire probably would have expected retirement ages younger than 67 years if they had planned for retirement. Evaluations of retirement adequacy of workers should carefully consider the meaning of a response of “never retire.” Financial advisors working with clients who state that they never expect to retire should assess whether that expectation is a preference or a reflection of the client’s failure to prepare for retirement.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Do Worker Expectations of Never Retiring Indicate a Preference or an Inability to Plan?

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.28.2.268
Publisher site
See Article on Publisher Site

Abstract

<p>Using the 2013 Survey of Consumer Finances, we found that 18% of full-time workers aged 35–60 years who were household heads expected never to retire. Expecting never to retire was more related to a failure to plan rather than a preference for working indefinitely. Most workers stating that they would never retire probably would have expected retirement ages younger than 67 years if they had planned for retirement. Evaluations of retirement adequacy of workers should carefully consider the meaning of a response of “never retire.” Financial advisors working with clients who state that they never expect to retire should assess whether that expectation is a preference or a reflection of the client’s failure to prepare for retirement.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jan 1, 2017

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