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Retiring at 65 was already becoming a fading tradition before Covid-19 sank the world’s economy.
Now, that traditional retirement age could fall further by the wayside as workers pick up the pieces once the economy gets going again.
A survey from Allianz Life Insurance Company finds that half of Americans retired earlier than they expected. A majority of respondents said that they did so for reasons outside of their control, with 34% citing job loss and 25% health-care issues.
The online survey was conducted in January, well before the U.S. economy came to a halt due to the coronavirus. But the results still point to a trend that may be amplified in the current economic conditions.
“Right now, people are fearful of the future,” said Kelly LaVigne, vice president of Consumer Insights at Allianz Life. “Are the jobs going to come back? Nobody can really predict it.”
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