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Survey Finds Reasons Behind Delayed Retirement
April 29, 2010 — It’s no secret that workers are delaying retirement; many as a result of the economic crisis. In fact, one-quarter of workers surveyed recently said the age at which they expect to retire has increased in the past year, which is an increase from the 14% who said they would postpone retirement in 2008.
The 2010 Retirement Confidence Survey from the Employee Benefit Research Institute results show the reasons why workers are delaying retirement:
- 29% — poor economy
- 22% —change in employment situation
- 16% — finances, can’t afford to retire
- 12% — need to make up for losses in the stock market
- 7% — lack of faith in Social Security/government
- 7% — cost of living in retirement will be higher than expected
- 6% — need to pay current expenses first
- 6% —want to be sure you have enough money to retire comfortably
- 5% — aren’t sure how the stock market will perform
- 4% — health-care costs
- 4% — law changed minimum retirement age.
The survey also found that the age at which workers expect to retire is gradually rising: In 1991, half of workers planned to retire before age 65, compared with 28% in 2010.
For the full details of the 2010 Retirement Confidence Survey log on to www.ebri.org/pdf/briefspdf/EBRI_IB_03-2010_No340_RCS.pdf.
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http://dreamlearndobecome.blogspot.com This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
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