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Working longer for more savings? Don't count on it

According to Wells Fargo & Co.'s most recent annual retirement study, half of retired respondents retired earlier than planned. Many left the workforce due to reasons beyond their control: 37% due to health and 21% due to an employer decision. Only 7% retired earlier than planned due to adequate savings.

The Employee Benefit Research Institute's (EBRI)2015 Retirement Confidence Survey supports these findings — 60% of those who retired earlier than planned did so due to a health problem or disability, and 31% did so because they could afford to.

“What I tell people is, if anything, you want to plan to retire earlier than you think,” Erik Carter, senior financial planner at Financial Finesse, said. “[Working later] is not something you can count on.”

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