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Ms. Parker’s story is a cautionary tale for anyone planning to postpone retirement and work indefinitely: It’s a fine aspiration, but it’s best to have a backup plan.
Many Americans understand that working longer can be a good way to improve retirement security. According to the Employee Benefit Research Institute, 33 percent of workers expect to retire between the ages of 65 and 69, and 34 percent at 70 or beyond, or not at all.
Yet a recent study by the Center for Retirement Research at Boston College found that 37 percent of workers retired earlier than planned — and that the odds of success fell as the goal became more ambitious. In that study, among the 21 percent of workers who said they intended to work to age 66 or later, 55 percent failed to reach that target.
The most common causes for unexpected early retirement are health problems and job loss, said Geoff Sanzenbacher, associate director of research at the center. He was quick to note, however, that the study, based on data from the long-running University of Michigan Health and Retirement Study, offers clear reasons for unplanned early retirement only in about one-quarter of cases.
