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$2 million retirement goal prompts debate over working longer
The article cites U.S. workplace participants needing about $1.46 million to retire comfortably, and notes health-adjusted life expectancy is 63.9 years on average.
Moneywise and Yahoo Finance LLC say Americans in workplace retirement plans often target about $1.46 million to retire comfortably, implying someone with $2 million may feel ready to stop working.
The piece argues some people with higher balances keep working longer due to fear of running out of money, even as it points to health data suggesting fewer years in full health. It cites World Health Organization figures for average life expectancy of 76.4 years, and health-adjusted life expectancy of 63.9 years, saying retiring at 60 could mean only a few years in full health before chronic conditions or limitations set in.
It also links the retirement decision to potential long-term care needs and costs, citing LongTermCare.gov that about 60% of Americans will need some kind of assistance as they age, and describing care costs as steep according to SeniorLiving.org.
The article frames the choice to delay retirement as more reasonable when someone faces risk of poverty, but less compelling for people with $2 million who would otherwise trade away the healthiest part of later life.