Variety of factors prevent some workers from working longer
YPSILANTI, Mich. - Increasing numbers of Americans are expecting to work well past the traditional retirement age, and in some cases they are dismissing the idea of retirement altogether.
But health and a variety of other factors often get in the way of those expectations.
The University of Michigan's Health and Retirement Study finds that more than one-third of the people surveyed didn't reach the retirement age they set when they were 58.
Economists say health often is the main factor why people retire earlier. Other factors may include layoffs or business closings, followed by family issues such as a spouse retiring.
But even if people work as long as they planned, a Brookings Institution report suggests that a growing percentage of them are entering retirement on shaky financial footing.