Seven in ten pre-retirees plan to work past the median age of 65; while 37% of retirees’ decision who opted for this approach was based to address post-retirement health care risks and financial management needs in retirement. In a report by the Society of Actuaries (SOA), “2013 Risks and Process of Retirement Survey,” provides insights on how Americans decide to retire and how they manage resources in retirement.
The survey's findings include:
- Thirty-eight percent of pre-retirees expect to retire by ages 65 to 67 while 15 percent do not expect to retire at all.
- Forty-one percent of pre-retirees plan to stop working for pay all at once, compared with 78 percent of retirees who stopped working for pay all at once. Another 35 percent of pre-retirees plan to work for pay part-time or periodically.
- Health problems would be the primary reason for an early retirement, according to 42 percent of the surveyed pre-retirees.
- One-quarter of both pre-retirees (25 percent) and retirees (27 percent) say disability, or no longer being able to cope with the physical demands of the job, would lead to an early retirement.
- Both retirees and pre-retirees plan to reduce spending, increase savings and reduce debt to manage retirement risks. Ninety percent of both pre-retirees and retirees plan to eliminate all of their consumer debt.
- Ninety three percent of pre-retirees plan to save as much money as possible and 88 percent of pre-retirees plan to cut back on spending to manage risks.
- Both retirees and pre-retirees have a median planning horizon of ten years. Around 45 percent of pre-retirees think it is very possible to plan for day-to-day expenses, though they are less likely to plan for other issues in retirement.
Chart: Pre-Retiree Reasons for Not Expecting to Retire

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retirement,
pre retirees,
Society of Actuaries,
Life Planning Strategies,
Boomer Market,
Senior Market