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Tuesday, April 7, 2020
Savings for the Seniors


Are You Working Over 65? Or Retiring Early?

Over the last decades, the minimum age requirement for retirement in the United States has significantly increased. Researchers say this…

By Senior Savings , in Savings , at July 3, 2019


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Over the last decades, the minimum age requirement for retirement in the United States has significantly increased. Researchers say this is killing would-be-retirees before they have a chance to collect their pensions. A recent study by Dr. Ephrem Cheng, revealed that there could be a direct correlation between retirement age and the age of death for an individual. Retiring early can significantly increase your life span.

Age of Retirement and Age of Death

In his report, Age of Retirement vs. Life Span, Ephrem examined the pension payouts of some of the top companies in America, including AT&T and Ford Motor Co. His research revealed that a later retirement decreased the overall life expectancy for an individual.  Workers who retired as early as 49.9 had an overall life expectancy of 86. Conversely, those who retired at the age of 65.2 were likely to die by the age of 66.8. Ten working years could cost you twenty years of your retirement, Ephrem said in his report.

Understanding the Causes of Early Death

While there may be many other factors that impact a person’s life expectancy, Ephrem’s study highlights the correlation between job-related stress and early death. Pressures to perform, physical strain, and the mental or emotional toll of certain job roles can ultimately take years away from a person. Add that to any pre-existing health conditions or familial risks, and it is easy to see why so many older Americans are dying shortly after their retirement.

Unclaimed Retirement Pensions

Aging employees who remain at their companies and then die shortly after retirement typically collect very little of their pensions. Surviving family members may be eligible to receive those benefits after the individual’s death. But, this does not change that fact that the deceased person spent their entire life working, only to lose it all in death.

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Senior Executives are Retiring Earlier – Data is Astounding

In response to the findings, many senior executives started leaving their companies earlier than originally planned. Their early retirement provided Ephrem with astounding new data. The younger an executive was when they left their company, the longer they tended to live. That gave them more time to not just collect their pensions, but to fully enjoy what was left of their lives. Unfortunately, the same luxury may not be afforded to lower-level workers. For them, a more creative solution must be developed.

Retiring Early – It Is Possible

For many, the possibility of early retirement may seem like a pipe dream. Thankfully, there are options. A younger retiree may be able to focus on jobs that are less stressful and more satisfying. Even better is when they can do these satisfying jobs on a part-time basis. Individuals can also strive to minimize their lifestyle expenses to reduce their income needs, which further decreases their need for a higher income.

Do you plan on retiring early? Hopefully, you retire sooner rather than later.