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Poll Shows Financial Uncertainty Delaying Retirement Plans

October 14, 2009 by  

Poll shows financial uncertainty delaying retirement plansA new survey released by Bankrate, a network of companies providing information about personal finance, has shown a majority of working Americans plan to stay on the job as long as they can during retirement age.

Specifically, it found that 75 percent of respondents plan to continue working past the official retirement age, of whom 39 percent declare they will do so because they enjoy work while almost one-third are motivated by financial reasons.

Moreover, a total of 55 percent of retirees said they worry about money and wish they had saved more for their old age, as opposed to only 38 percent who believe they have enough to retire comfortably.

"[The fact that] 75 percent of today’s generation plan to work as long as possible [is] a far cry from previous generations," says Julie Bandy, editor-in-chief at Bankrate.com.

"Falling home values and losses in retirement accounts are forcing many Americans to re-evaluate their retirement needs," she adds.

The study also found that although so many people plan on working through retirement age, only 15 percent of retirees surveyed are currently employed.
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  • Robin from Indiana

    Another motivation to work past the usual retirement age is for the benefits. Staying busy and collecting a pay check is also good motivation.

  • Robert

    Back in 1995 I was certain I would be able to take early retirement. I had no debt and was able to save 30% of my gross income. My private medical insurance was $97.50 per month. Then the recession hit in 1999 and I found myself unemployed for 22 months. There were no extensions back then and when I did finally get back to work it was less that 50% of the high I was making back in 95. By that time I had already dipped heavily into my savings and liquidated by 401K. Slowly things improved and while not reaching my peak hourly rate of 99, I was able to save quite a bit but not the 30% I enjoyed before the recession. My midical insurance in now slightly over $700 per month with co-pays on office visits, tests and medication at $30 each visit/test and 50% for medication. This comming March my medical insurance will increase by $110.00 per month (15% max that is allowed by the state I live in and the Insurance company always takes regardless of my current and past health and insurance usage). Now I find my unemployed again since March of 2009 with bleak outlook to find a job in the near future. Unemployment doesn’t pay the bills and again I find myself depleting my savings. I still am debt free as I’ve always been a cash type person (Don’t have the cash to pay for it, then you can’t buy it.) So I figure I’ll need to work steady until I’m in my 70′s before I can even think about retirement. As far a the stimulus package Washingtom did in March, the only thing I can say is that it had the effect of giving the economy a fleet enima.

  • David

    At the manufacturing plant where I work; many of our hourly workers are retiring now because their pension is calculated using their last three years income and 2010 is looking flat or even worse than 2009, despite all the “good news” you here on the news.

  • Jon

    Been unemployed since March of 2008, 61 years young, two college degrees, can’t find work, over qualified (WORD REMOVED FOR OFFENSIVE CONTENT)), have applied for hundreds of jobs in person, via email and fax, retired out of the auto industry back in 95, because that (WORD REMOVED FOR OFFENSIVE CONTENT) Wayne Huizenga and one price no negotiation Auto Nation (WORD REMOVED FOR OFFENSIVE CONTENT) ruined the free enterprise capitalism on intreneupneurship to make a dollar, so rather than retire completely and go stir-crazy I landed a job as a courier with Airborne Express, which was bought out completely by incompetent and clueless DHL German (WORD REMOVED FOR OFFENSIVE CONTENT) with the help of both Bush and Clinton Administrations for letting the German clueless-(WORD REMOVED FOR OFFENSIVE CONTENT) circumvent the Sherman Antitrust Act; thus being the oldest driver, with the most tenure and making the most money after ten years of working 72 hrs a week and never missing a day of work of 60+ drivers in the building, I was the first to be laid off and then the rest fell like dominoes throughout the remainder of 2008, culminating in there NAFTA ‘blow it out your (WORD REMOVED FOR OFFENSIVE CONTENT)’ attitude and hightailing it back to Germany. Now with all the bailouts with the current Administration “Obama Nation Under Islam”, just wondering whats left to believe in, in this best of all possible country?

  • s c

    Washington, in so many ways, doesn’t ‘get it.’ They don’t understand that shipping jobs overseas is wrong. They don’t understand that people who are not working don’t pay taxes. They don’t understand that a shrinking tax base can’t fund a growing welfare state.
    They don’t understand that every piece of legisltion must be read and understood. In short, they are so utterly out-of-touch with reality that they don’t belong in Washington.
    Can someone please tell me how these people manage to get elected and re-elected? Maybe it’s a matter of mentally deficient voters. The best reason to re-elect somone is the idea that they’re doing a good job for America. It’s obvious to most Americans that Washington isn’t interested in doing a good job. So HOW is it possible that we can have so many career politicians?
    People, don’t waste your time thinking about term limits. DENY every elected official any consecutive terms. It’s much more effective than term limits. It is a form of AUTOMATIC term limits. If you CARE about having a job or being able to retire, WAKE UP!

    • Robert

      Unfortunately many people vote across party lines. Growing up I had grandparents who voted democratic all the time regardless of whether the person was the best candidate. My dad did the same with republicans. Me, I like to examine the candidates track record. It’s just too bad that so many who run for office are just as bad as the incumbent. The best election I ever saw was the govenors race in Minnesota when Jesse Ventura was elected. I thought he was honest and true to his constituents. But he was constantly attacked by both political parties with the help of the media. It’s tough for any honest and sincere person to go into politics. If they don’t abide by the rules of the game, there’re dead meat and their families take the brunt of the vicious attacks. Only when the American voter stands up and yells foul when that happens will we get good people to run for office. There are too many people today who are either looking for a free ride or are on the gravy train. I’m sad to have to say, our future options do not look too good for tomorrows candidates. It will be the same choice. Who is the least worst amoung the bunch running. That’s the choice we have in New Jersey for the office of Govenor. There’re all self serving and a rather sad bunch we have to choose from. We’re not that different from the voters in Afghanistan. Very few choices and not sure if our votes will really be counted. Unless you are registered through ACORN.

    • Norm

      sc
      It’s not the government. It’s the private sector that’s selling out their own country. Why is everything bad the governments fault?

      A few quotes:

      Few men have virtue to withstand the highest bidder.
      - George Washington

      Banking establishments are more dangerous than standing armies.
      -Thomas Jefferson

      People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.
      - J. K. Galbraith

      These capitalists generally act harmoniously and in concert, to fleece the people.
      - Abraham Lincoln

      The economic anarchy of capitalist society as it exists today is, in my opinion, the real source of the evil.
      - Albert Einstein

  • http://meanjoegreen59.wordpress.com Joe Green

    This whole thing about Health Care is not about Health Care at all.It’s all about being able to control you and me. If, the government can get control of 1/7 of the GNP, they think they will be able to control us.
    The middle class, in this country, is slowly being done away with.Soon, all you are going to have are the rich and super rich at the top and everyone at the bottom depending on the government. 100% Socialism or a better word is a Communist Society. Is that what we really want for? It’s up to me and you to stop this takeover. I do my part if you’ll do yours.

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