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Gulf Between Expectations over ACA’s Effect on Retirement Timing

The federal government and U.S. workers agree that the Affordable Care Act (ACA) — a.k.a. Obamacare — will affect the timing of retirements. However, IFAwebnews reports that there’s a wide gap between what the government and many workers expect that effect to be, according to a survey conducted for MoneyRates.com.

While the Congressional Budget Office projects that the ACA will enable workers to retire earlier than they would have if the law had not been enacted, not many of the workers in the survey agree — just 17 percent. 

More than half of the survey respondents think that at best, Obamacare will have no effect on the timing of their retirement. And about twice as many workers as think the law will hasten their retirement believe that it will increase their health care costs and, consequently, lengthen their time in the workforce. Of those who expect a longer career, 70 percent say it will be at least three years longer; 39 percent expect to work at least five years more.