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Fidelity’s Retirement Savings Assessment research found 83% of health care workers expect to receive Social Security retirement benefits, and the median expected monthly amount is $1,200—the same amount as for the general population. Fifty-three percent expect to begin receiving benefits by age 65, including 13% who plan to take their benefit at the earliest eligible age (age 62). The top reasons for taking benefits at age 62 are: 26% because that is the age at which they plan to retire; 26% are concerned that future benefits will be limited or reduced; 13% are concerned about their health or longevity and want to start receiving income immediately; and 9% need the money as soon as possible. Only 10% expect to wait until age 70 to begin receiving benefits, and 13% have yet to decide. Social Security is expected to comprise more than one-third of total income for 32% of households with health care workers versus 36% for the general population. In addition, 47% of health care workers expect to work at least part time in retirement. The anticipated median monthly income from this work is $1,000. Seventy-four percent expect to receive or are already receiving a pension, with estimated median monthly income of $1,200. Despite their rosier retirement outlook compared to the general population, more than half of health care workers (54%) do not agree they have a well-developed financial plan. On the other hand, close to two-thirds feel they do have the time needed to monitor their investments (63%), and believe they have a handle on the fees they are paying for them (66%). Households with health care workers are more likely to work with paid financial professionals to plan or invest for retirement (26% vs. 19% for general population).
Fidelity’s Retirement Savings Assessment research found 83% of health care workers expect to receive Social Security retirement benefits, and the median expected monthly amount is $1,200—the same amount as for the general population. Fifty-three percent expect to begin receiving benefits by age 65, including 13% who plan to take their benefit at the earliest eligible age (age 62).
The top reasons for taking benefits at age 62 are:
Only 10% expect to wait until age 70 to begin receiving benefits, and 13% have yet to decide.
Social Security is expected to comprise more than one-third of total income for 32% of households with health care workers versus 36% for the general population. In addition, 47% of health care workers expect to work at least part time in retirement. The anticipated median monthly income from this work is $1,000. Seventy-four percent expect to receive or are already receiving a pension, with estimated median monthly income of $1,200.
Despite their rosier retirement outlook compared to the general population, more than half of health care workers (54%) do not agree they have a well-developed financial plan. On the other hand, close to two-thirds feel they do have the time needed to monitor their investments (63%), and believe they have a handle on the fees they are paying for them (66%).
Rebecca Mooreeditors@plansponsor.com