Delaying Retirement on the Rise
June 18, 2009 by Stephen Kersey
Filed under Finance
Yet another survey has been released that points to more and more people delaying retirement due to the current economic downturn. This survey, by Watson Wyatt, has a number of interesting numbers.
34% – The percentage of workers who have delayed their retirement plans in the last year.
40% – The percentage of workers over the age of 50 who have delayed their retirement plans in the last year.
50% – The percentage of workers over the age of 50 that plan to retire at age 66 or later.
54% – The percentage of workers aged 50 to 64 that say they will now have to work three or more years than originally planned.
Said David Speier of Watson Wyatt: “The economic crisis has affected many workers’ retirement plans and nest eggs, but those nearest to retirement have been especially hard hit. Older workers do not have the time to offset declining retirement account values, either by recouping their investment losses or significantly increasing their savings rate. For many, the only choice is to delay retirement.”
If the economy has forced you to change and prolong your retirement plan, you are not alone. During these rough times, it takes a lot of effort to save for retirement. Delaying retirement isn’t a very fun thing to consider but it definitely beats the alternative of having no plans for retirement.
Delaying Retirement (Image: Flickr)
