More than half of older Americans in the lowest socioeconomic tier can expect to face an income gap if they retire when they would like to, according to a new study by the Center for Retirement Research.
The center compared gaps in retirement readiness of more than 3,000 older U.S. households, which they grouped by levels of education attained.
Fifty-four percent of those in the least educated group will face an income gap when they retire when they said they plan to, versus 36 percent of the highest-educated group.
Retirement experts generally urge baby boomers to hold on and work a few more years to improve their retirement finances, “but less-educated older workers often have physically demanding jobs or poorer health, making this very challenging, or even impossible,” says the retirement center.
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