Health Problems and Job Layoffs Crack Retirement Nest Eggs

Brief

Health Problems and Job Layoffs Crack Retirement Nest Eggs

Abstract

Health problems and job layoffs are common as people approach retirement, though most Americans lack adequate protection when such disaster strikes. This brief shows that the onset of work disabilities reduces household wealth by 30 percent for older single people, and job layoffs reduce wealth by 23 percent. Repercussions are smaller but still serious for married people. Workers need to consider these risks as they develop their retirement plans.

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