You may have to leave the workforce sooner than expected. One big reason today's retirees cut their careers short: their health. Here's how to save with those unexpected events in mind.
Some of those individuals were forced to retire either because of their health or job loss.Early retirement may sound like a dream.Photo taken in Big Island, United StatesA new survey from NerdWallet finds that today's retirees stopped working at 59, on average.
Some of those retirees — 36% — said they didn't have a choice as to when they retired. What's more, 18% said they had to stop working because of their health, and 9% said a job loss forced them into retirement. To retire at 67, they would need $1,267 a month in savings, assuming a 6% return, according to NerdWallet's retirement calculator. That gets kicked up to $2,767 a month in savings if they instead retire at 59.If you're in your 20s, putting more money away now means that you will have to save less over time, noted Arielle O'Shea, investing and retirement specialist at NerdWallet.
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