People know they need more money to pay for retirement, so they plan to work longer and retire later.
However, a new research paper published by the Pension Research Council at the Wharton School says that there's a substantial disconnect between what people say they're going to do and what they actually end up doing — and that they should plan for their plans to be thwarted.
According to "The Changing Nature of Retirement," by Julia Coronado of Graham Capital Management, although many survey respondents say they intend to postpone retirement past age 65 and two-thirds intend to work for pay after retirement, in actuality statistics reveal a different picture.
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