Workers delaying retirement amid concerns over savings
Twenty percent of pre-retirees made plans to postpone retirement last year, a new survey shows, perhaps suggesting that work, savings and Social Security make up the new three-legged stool of retirement.
More than a third of workers ages 44 to 53 who were surveyed listed “loss of full-time employment” among their biggest financial concerns. And 58 percent of people ages 34 to 53 (roughly Generation X) said they planned to retire at 65 or later, up from the 42 percent who said so in a similar study in 2011, according to the recent survey, which was conducted by the Insured Retirement Institute, a trade group representing insurers and financial brokers.
“We’ve really got a generation here that is very concerned about their level of retirement savings,” said Frank O’Connor, IRI’s vice president of research. “They aren’t confident about their preparations, and the solution in their minds is that they’ll just work longer.”
The problem, O’Connor and myriad financial advisers suggest, is that the ability to work longer is hardly guaranteed. Older workers have to be healthy enough to work, which is only partly in their control, he said, and the work has to be there.
15 responses to “Workers delaying retirement amid concerns over savings”
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Retirement involve a severe drop in income; it is no wonder seniors delay retiring.
Reality is a financially secure retirement may not be possible in the Nei. Just too expensive, over taxed, only going to get worse.
Married couple can sell their home, keep $500k tax free, move to a far lower, better living area on the mainland. Then buy a smaller home and live very well with no mortgage.
Need to start retirement planning from your first work day. Live way beneath your means, cut out the bling, keep your car for 10 years or longer, fully invest in your work’s Roth 401k, max fund your Roth IRA, other investments.
Never, ever co-sign anything for anyone. To include your children’s college loans. Way too many people made this mistake, now stuck with massive debt, killing their retirement plans.
Government workers have cushiony retirement, much better than the rest of us.
Really? Have you checked out the numbers?
I am retired, and doing OK. I have no complaints.
Me too, retired at just 6 months before my 65th birthday and it is now over 25 years later. Owned 2 homes and a condo and moved into a retirement community condo with over 15,000 other residents. It has a 27 holes SCGA certified golf course and a 9 nine executive course, plus 3 swimming pools a community hall where 200 could dance, an 800 seat theater, lapidary, ceramic/pottery, jewelry, carpenter, metal working, photo-shop and an art studio where professional nudes often pose for a nominal sums. Been on 20 sea and 1 river cruises, spent 5 one month trip to Spain, over 15 trips to Japan and about dozen trips to Hawaii. Was born on Kauai and graduated from Kauai High in ’44 when they still had only 2 high schools back then. Sell your expensive house in Hawaii and move southern California!
OOps forgot, still own my golf cart that we use to commute to the local super market, Home Depot, Office Max, bank and several restaurants, plus even a hotel where guest visiting our community could use. Live a mile away from the golf course, though gave up golf 7 years ago due to sciatica problems.
bravo cojef! 90 yrs young.
Yet retirees still fly to Las Vegas to gamble. How do they do it?
they tell their kids to work for their own money.
retirement is a moving target 🙁 🙁 costs change too quickly so the people feel like they can not plan/have a good life ”please do not move the targety unless it is realllly necessary aloha
What also plays into the retirement process is health coverage and premium. Mostly due to the prescription drug costs. Don’t forget dental upkeep especially if you need implants, root canals, etc.
No worry about anything if you are a government worker.
FARM! Become “Self-Sustaining” and teach your children/grandchildren how to farm ORGANICALLY! No Need “Whole Foods”, “Down-To-Earth”, “Kokua”, et al…
If you wanted to have a fully worry-free retirement on Hawaii, you should have worked as a government (City or State) worker who padded their pension with lots of overtime pay and worked long enough to get full medical coverage. You’ll also have a long life because you didn’t really work so hard during your career.