Retirement Beyond 70 on the Rise

A recent survey from Golden Gateway Financial shows that more and more people are being forced to delay their retirement due to the current global economic downturn. Even though the economy is improving, it appears as if the damage has already been done.

Prior to the global economic downturn, 67% of the people surveyed planned to retire prior to the age of 70. Now, that number is down to 40%.

Approximately 30% of the people surveyed planned to work beyond age 70 prior to the global economic downturn. Now, that percentage has jumped to 50%.

Other numbers include:

• 40% of survey respondents said the global economic downturn negatively affected their retirement plans.
• 50% of survey respondents are worried about how much money they have to retire.
• 50% of survey respondents say that their net worth has declined by between 10% and 30%.
• 86% of survey respondents believe that they have a good idea about how much money they have saved.

Said the CEO and founder of Golden Gateway Financial, Eric Bachman: “Even though some economists are beginning to grow optimistic, older Americans continue to feel real pain and must make hard tradeoffs and decisions. This is the worst possible time for the 40 percent of seniors now considering delaying retirement to be searching for jobs. It’s unfortunate that the hopes and dreams of these retirees are being put on hold.”

The survey was given to people in the United States who were at least 62 years old and was conducted in a partnership with United Sample.

Retirement Beyond 70 (Image: Flickr)