(AP) — Earl Johnston was 12 when he got his first job, a paper route that he quickly expanded by "buying out" additional routes from other, less industrious boys. According to the 2015 Employment Benefit Research Institute Confidence Survey, the percentage of workers aged 25 and over who planned on working past 65 has increased steadily from 11 percent in 1991 to 36 percent in 2015. The University of Michigan Health and Retirement Study found that 37 percent of respondents didn't reach the retirement age they had set when they were 58. "The first, and maybe the most obvious explanation people give for early retirement is health," said Boston College research economist Geoff Sanzenbacher, co-author of a working paper investigating causes for this mismatch between retirement expectations and reality. People are living longer, tend to be more educated and have better access to white collar jobs that don't require a lot of manual labor. Even as roughly two-thirds of workers do make it to the age they planned to retire, a report by the Hamilton Project at Brookings Institution suggests that a growing percentage of them are entering retirement on shaky financial footing. [...] the prospect of unforeseen health care costs is unnerving. [...] if she does take a new job, for less pay, she worries it would change her future Social Security payouts. EDITOR'S NOTE — Adam Allington is studying aging and workforce issues as part of a 10-month fellowship at The Associated Press-NORC Center for Public Affairs Research, which joins NORC's independent research and AP journalism.
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By ADAM ALLINGTON, For The Associated Press, San Antonio Express-News: Business
Wed, 02/17/2016 - 3:25am
Topics: earl johnston employment benefit research institute confidence survey the university michigan health retirement study boston college geoff sanzenbacher people hamilton project brookings institution social security editor's note adam allington the associated press-norc center public affairs research norc ap workers working longer percent job age percentage planned
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