According to the U.S. Bureau of Labor Statistics, approximately 400,000 insurance-industry employees are expected to retire from the workforce within the next few years.
However, many Americans are unable to retire when expected or wanted to. For one thing, a quarter of non-retired adults in 2019 had not saved any money for retirement, some through no fault of their own.
In 2020, the coronavirus brought financial stress to myriad families, meaning many were unable to save last year as well. Now, 1 in 4 people expect to retire later than they anticipated because of the pandemic's effects.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
