New research reveals that nearly half of retirees retire sooner than planned, a percentage at odds with expectations of most pre-retirees.
Genworth Financial reports the findings in a new study, “The Future of Retirement Income.” Based on online surveys of 1,340 retired consumers and pre-retirees, and 300 financial professionals, the report explores the state of retirement income planning.
The survey shows that 73 percent of pre-retirees think they will retire when planned. While 48 percent of actual retirees did in fact retire when they expected to, 46 percent retired sooner than planned, primarily due to the loss of job. Just 6 percent of actual retirees retired later than expected.
The report adds that 76 percent of pre-retirees say they may delay retirement because of fear they would not have enough money. Just more than one-third (36 percent) fear that expenses will be too high for them to retire.
The survey notes also that 40 percent of people who don’t own an annuity, but would consider buying one, have never been presented the opportunity to do so by financial professional.