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American Workers “Unprepared to Retire at Age 65” – Study

June 25, 2012

The Boston College recently released a study that answers the issue of financial struggles among American retirees.

In the study, a considerably good number of current workers delay retirement at 70, although fewer than half of them will have enough savings to retire at 65.

In an interview on WBUR’s Morning Edition, Prof. Anthony Webb of the college’s Center for Retirement Research, said of the study as both “a good news and a bad news story.”

According to him, most American workers are “unprepared to retire at age 65,” referring to it as a bad news. However, he was also quick to mention that if some workers are able to work until age 70, then “roughly 88 percent of workers… will be able to maintain their pre-retirement standard of living.”

Webb also added that working long enough “is a really powerful antidote to inadequate retirement savings.”

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