48% of Workers Retire Earlier Than Planned -- and That Figure Could Rise Due to COVID-19
There's a danger in having to retire earlier than expected. When you're forced out of the workforce at a younger age than you've initially planned for, you risk falling short on retirement savings and having to claim Social Security early. The latter could result in a lifelong reduction in your monthly benefits, and years of financial struggles.
Unfortunately, it's not uncommon for workers to end their careers sooner than anticipated. An estimated 48% of adults are forced to retire early, according to the Employee Benefit Research Institute. But that number may climb due to COVID-19.
Unemployment levels in the U.S. have reached a high because of the pandemic, and older workers are hurting for it. In April 2020, the unemployed rate among workers 55 and over reached 13.6%. In January 2020, it was 2.6%. Hopefully, a large number of older laid-off workers will become employed again once the economy is able to open back up. But unfortunately, many older workers risk never being able to collect a full-time paycheck again.
Source Fool.com
