Poor health is the most widely cited reason for retiring early, according to a new report.
Merrill Lynch, New York, discloses this finding in a 2013 study, “Americans’ Perspectives on New Retirement Realities and the Longevity Bonus.” Conducted in partnership with Age Wave, the survey polled 6,300 baby boomers ages 45 and older.
Just over a third of the respondents (34 percent) cite personal health issues as a reason for retiring early. The percentage is slightly higher among men (36 percent) than among women (33 percent).
Fewer of those polled attribute early retirement to having sufficient financial resources (27 percent), losing their job (24 percent), wanting to spend more time with family (16 percent) or having to look after a family member (10 percent).
Health care issues also dominate concerns in the survey among those seeking advice from financial professionals.
Three-quarters of respondents (75 percent) identify “help sorting through health care and long-term care options” as information they view as most valuable beyond core financial advice. Nearly as many (71 percent) point to help “making sense of Social Security or employer pensions.”