Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Credit crunch hits Americans’ retirement plans

October 8, 2008 by  

Many people have put retirement plans on holdThe credit crunch has sent Americans of all ages scrambling to reassess their personal economic situation – including baby boomers who may have assumed they were on the cusp of enjoying their golden years in relative wealth.

Around one-third of middle-aged workers have considered putting off their retirement due to financial concerns, according to research from AARP.

The survey findings, reported in the Wall Street Journal, also reveal that 20 percent have stopped contributing to their retirement plans during the past year.

More than a quarter of respondents said they were struggling to pay rent or their mortgage, while 13 percent admitted they had prematurely withdrawn funds from their retirement savings, despite the fact that this decision carries a tax penalty.

Commenting on the findings, Jean Setzfand of the AARP said that many people have been sacrificing longer-term financial goals to cover more pressing "basic expenses like food, gas and utilities."

"People are trying to get through the day, and worry about the future later," she explained, according to the news provider.

There are around 78 million baby boomers in the U.S., according to census statistics.
ADNFCR-1961-ID-18817728-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Credit crunch hits Americans’ retirement plans”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.