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Is The Risk Of Forced Retirement Rising? How To Enter Retirement On Your Own Terms

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Planning for retirement is a difficult challenge, especially when the future is filled with such uncertainty. One uncertain event with significant implications on a retirement plan is the date of retirement. While the average retirement age in the U.S. is roughly 61 years old, many people are not able to choose their retirement date due to health issues, caregiving responsibilities, and forced layoffs. In 2013, an EBRI study showed that roughly 47% of people retire earlier than planned, 43% retire about when planned, and 6% retire later than planned. As such, it is crucial to plan for the very plausible event of an earlier than expected and possibly forced retirement.