No. of Recommendations: 1
Many Americans retire years before they want to
Updated 7/26/2006
By Sandra Block and Stephanie Armour, USA TODAY

......As of 2005, just 60% of 60-year-olds, 32% of 65-year-olds and 19% of 70-year-olds were employed, according to the Bureau of Labor Statistics. Current retirees cited two primary reasons for quitting sooner than planned:

•Illness. About 47% of current retirees who retired earlier than planned were forced to stop working because of health problems, according to McKinsey & Co. Less-affluent retirees were far more likely to cite health problems as the reason for forced retirement than higher-income workers were, the study found. "At lower-income levels, many of these people have jobs that require physical labor," says David Hunt, a senior partner at McKinsey. As they age, some are no longer able to handle the demands of their jobs, he says.

•Unemployment. Forty-four percent of current retirees who retired earlier than planned blamed job loss or downsizing. Unemployment was the most frequently cited reason for early retirement among retirees with more than $250,000 in investments, the McKinsey study found. "Even at reasonably high levels of pay, if you're laid off when you're 53 or 54, it's much harder to get retrained and back in the workforce," Hunt says.

Huh. So it wasn't the end of some beautiful dream after decades of bootstrapping.

Still looking for the President's Plan for private retirement accounts, with funding details. I envision something like the Canadian plan where the surplus taxes, or " Social Insurance Contributions", extracted from paychecks are invested in real stuff, instead of used to finance the dreams of politicians in DC. Like Bush promised to do, only really do it.

As Winston Churchill said, "It's all just a bunch of chatter, mate."
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