Insurers selling retirement products may tailor their presentations based on the results of a new study that states three out of four (73%) of American middle-income baby boomers say that their financial situation, not age, will determine when they will retire. The study was conducted by Bankers Life and Casualty Company’s Center for a Secure Retirement (CSR). Further, the study found females outrank males in their plans to consider their financial situation over age before retiring from the workforce.
The Middle-Income Boomers, Financial Security and the New Retirement study, which focused on 500 middle-income Americans between ages 47 and 65 with income between $25,000 and $75,000, found that one-third expect to retire after the traditional retirement age of 65 and 31% are uncertain at what age they will be able to retire.
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