‘Retirement risks faced by workers are greater than ever before’
Last Updated: Oct. 15, 2022 at 6:26 p.m. ET First Published: Oct. 12, 2022 at 11:32 a.m. ET
By Jessica Hall
Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at all, highlighting the need for backup plans in case life’s unexpected events get in the way of such goals.
According to a study by nonprofit Transamerica Center for Retirement Studies in collaboration with the Transamerica Institute, 49% of baby boomers expect to, or already have, extended their working lives past 70 or do not plan to retire. Their reasons for doing so are most as likely to be their health (78%) or their finances (82%).