Wednesday, June 18, 2014

Why Workers Retire before 65: Unexpected Health Problems, Layoffs, Age Discrimination

Some excerpts from "Why 'I'll just work longer' is not a good retirement plan" Yahoo Finance

The main reason workers retire earlier than planned is unexpected health problems, which more than 60% of early retirees cited as the reason they retired early in the EBRI study. 

A barrier to re-entry
Some retirees don’t have a say in the matter at all. Mark Wiley, 62, was in his early 50s when he was abruptly laid off from his job as a software trainer in Portland, Ore. He found himself at a crossroads — either cut his losses, take his savings and start retirement early, or pound the pavement to find another job.
“I was tired of looking for jobs and I decided I could afford to retire,” he says. After a couple of years, he grew weary of free time and decided to try to reboot his career — unsuccessfully.  According to the Merrill Lynch study, more than half of working retirees today say they took a break (2.5 years on average) before getting back in the field. But at the rate technology and workplaces are changing, returning to the working world can be difficult — something Wiley discovered firsthand.
“I was told by a recruiter that I was what he considered ‘retired permanently,’” he says. “[Employers] want people with fresh experience and retraining for the current environment.

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