Few who ‘retire early’ have achieved ‘financial independence’

But a look at the people who take “early retirement,” just 17% do so of their own free choice, after saving enough money.

The rest are either kicked out, edged out, or have to quit due to ill health.

So reveals the latest annual retirement survey from the Transamerica Center for Retirement Studies, after polling 2,100 retirees.

It also found that 75% of those who retired later than expected kept working because they needed the money or the benefits.

The picture doesn’t get much better when you look at those who haven’t yet retired.

Among those still working over the age of 50, only 31% have a backup plan for income if forced into retirement sooner than expected.

The median retirement savings balance for those still working over 50 is just $133,000 — which isn’t enough to generate income of even $10,000 a year. Despite the fanciful media talk of needing millions to retire, just 14% have $1 million.

Read: $1.8 million to retire? Are you kidding?

No wonder 45% of workers over 50 fear outliving their savings, and the proportion terrified of cuts to Social Security, 41%, almost exactly matches the number terrified of ending up old and helpless in a nursing home.

This dismal picture is why the so-called FIRE movement took off in the first place.

Read: Retiring without millions in the bank? It can be done easily.

True, few people will have any realistic hope of achieving the FIRE nirvana of retiring in their 30s or 40s. But as the Transamerica survey reveals, they’ll probably be happy if they’re even able to retire roughly on time.

Maybe if they follow the strictures of FIRE gurus like “Mr. Money Mustache,” and live frugally, save everything, and invest well, they might just have a chance.

Read on: Social Security’s big day: COLA to be announced Oct. 12