New Retirement Plan: Work Longer or Until You Die
Retirement is a popular goal among people in the workforce, but it’s a long-term one that appears to be delayed due to poor saving habits and the recent financial crisis. Many baby boomers — those born from 1946 to 1964 in the Untied States — plan to work well past the traditional retirement age.
Baby boomers are redefining their retirement habits, or lack thereof. According to a new survey from Gallup, 24 percent of baby boomers don’t expect to retire until they reach the age of 65, compared to the average age of 61 that American retirees say they retired at. Furthermore, 39 percent of baby boomers don’t expect to retire until they are 66 or older, and 10 percent say they will never be able to retire.
“Concerns about money likely play a significant role in explaining why so many baby boomers see themselves working longer,” Gallup reports. “Even before the 2008-2009 recession, financial advisers were warning that some baby boomers were carrying too much debt, saving too little, and relying too heavily on Social Security to retire comfortably. And then came the economic collapse — a perfect storm of layoffs, pension and stock losses, and plummeting home values — which was particularly ill-timed for boomers who might otherwise have been in financial shape to retire on schedule with the start of their Social Security benefits.”