Retirees say their financial situation was a bigger factor in their decision to retire than their health, according to a survey released Tuesday by New York Life of retirees 80 and older. Over two-thirds of respondents said their financial well-being was among the most important factors in their decision to stop working.
Health was important, but less so: 53% said it was one of the most important factors.
Less than half of respondents said their age was an important factor in their retirement decision. However, many said they weren’t expecting to live as long as they have, the survey found.
Almost 4% of Americans are 80 or older, according to the 2014 American Community Survey.
“One of our most striking findings is that a generation which many believe is lucky to commonly receive pensions and full Social Security benefits is in fact relying on more than those two traditional income sources in retirement,” Ross Goldstein, managing director of retail annuities marketing division for New York Life, said in a statement. “That is a good lesson for everyone — planning really matters.”
Most respondents — 90% — said they were receiving Social Security benefits for some portion of their retirement income; 57% said they got income from savings accounts. A little over half said they got some of their income from traditional pensions, and 46% had some from life insurance.