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Consumers who retire on time will take burden off employer

Posted On Fri, October 28, 2011

A recent report from Lockton Retirement Services noted that consumers who put off retirement past the age of 65 typically put more pressure on their employer to pay bills.

The report found that consumers who are older than 65 typically have medical bills that double those of Americans who are between the ages of 45 to 55. When on plans from their company instead of their own health insurance, that entity typically picks up a hefty amount of the bill. In addition, those employees are also prone to having to take longer paid leave.

"Dealing with an aging, financially unprepared workforce is a reality that should concern employers," explains Rick Unser, vice president of Lockton Retirement Services. "Employers face serious financial implications if they do not take steps now to help their older employees leave the workforce and successfully transition to retirement."

Consumers who decide to retire before age 65 may want to make sure that their annuity insurance is up to date to create a guaranteed income stream. For those who don't have such a plan, comparing annuity insurance quotes may be the best option.

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