Majority of Americans Forced to Retire Earlier Than Planned Despite Lack of Savings

Despite FIRE movement's popularity, only 17% retire early by choice after saving enough. Most retire due to being forced out or health reasons.
75% who retired later than expected kept working because they needed the money or benefits.
Among over 50s still working, only 31% have a backup retirement income plan if forced to retire early.
Median retirement savings for over 50s still working is just $133,000 - not enough to generate even $10,000 annual income.
Only 14% of over 50s still working have $1 million or more in retirement savings, yet 45% fear outliving savings.

marketwatch.com

Relevant topic timeline:

8/21/2023

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Retirement Worries Mount as Most Americans Lag in Savings

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4.6 Million Australians Lack Retirement Savings, With Women More At Risk

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Posted 10/3/2023, 12:46:00 PM