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If not, you're in good company. Some 40 percent of U.S. workers say they're going to have to delay retirement because they can't afford to stop working, according to a survey released this week by consultants Towers Watson.
The biggest reasons cited were the losses suffered in their retirement savings and the need to maintain company-sponsored health care coverage.
"The economic crisis has had a deep effect on employees' attitudes toward retirement and especially on risk," said David Speier, a senior retirement consultant at Towers Watson. "Workers continue to have a fear that they won't be able to afford retirement."
Most of those who plan to retire later figure they'll have to work at least three years longer than they previously planned. Two-thirds say they're paying down debts. More than half have cut back on their daily spending, the survey found.
Boomers headed for retirement are also worried about the Social Security trust fund that many of them are counting on to supplement their battered personal retirement plans. The financial health of the fund is getting renewed interest as the midterm election campaign generates dire warnings about politicians playing fast and loose with the money set aside to pay these benefits.
But a closer look finds that the Social Security trust fund isn't far off track, according to the Center on Budget and Policy Priorities. A recent report points out that the fund is in good shape in the short term, but faces a shortfall of about 0.7 percent of GDP over the next 75 years.
That means that - like any retirement plan - the trust fund needs to be updated to keep it in good financial health. That's exactly what President Ronald Reagan and Congress did in 1984, when the fund began running surpluses to help offset the coming wave of boomer retirees.
In the meantime, the money is stashed in Treasury securities "that are every bit as sound as the U.S. government securities held by investors around the globe," the report noted. "Investors regard those securities as being among the world's very safest investments."
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That's if you can find work. Plus...anyone who says there's no such thing as age discrimination..well, just wait till you reach that point in your life. Good luck.
Depends on what your skill set and the industry sector. Certainly doctors and nurses can work until they're 100 years old because they're needed. Scientists who are of sound mind and body can work that long too. But if you're a laborer, or a clerk or something like that, then yeh, there is age discrimination.
61. Been unemployed since my employer closed the business the day before Thanksgiving last year. Can't find work. Unemployment runs out mid December. Looks like Social Security is all I have left to me. And yes, age discrimination is alive and well. In fact it's thriving.
BS Degree and worked in the Ins bus for 35yrs. Put out to pasture after 30 yrs with the same co at 55 yrs old. Worked in the same field but for oil industry for a few yrs starting at a big $9 per hr and worked up to $22. Went back to "trade" school at 62 and went to work doing AC/Heat work at $9 per and worked up to $15 per hr. Worked in field and enjoyed it till age 68 and Katrina took everything in 2005.
Life has been good and at 73 wife and I are comfortable, BECAUSE we did not spend more than we made. We played get off your duff and go to work every day. Hi, From Panama City, FL.
Thank God I live in the U.S.
Exactly right Beev. People may be living longer, which has been due to quality and affordable health care that is not available now. Also, quantity of life and quality of life are not the same.
I have already been worried about the age increase for Social Security from 65 to 67, let alone talk of an additional increase to age 70. But more to the point is that I've paid into the SS ponzi system just as my parents did. So why could they collect their benefits at age 65 and I'm supposed to wait until 70?
Herein lies the problem with SS in general. People can't be promised one thing and given another--that's bait and switch that people need time to prepare for. Any changes to Social Security (or dismantling per the Republican/Tea Party) needs to occur when people enter the work force, not midway, and certainly not as they near retirement.
From Chicago: Wish I had a 18 gauge needle right now to stick in your butt! This nurse & many more like her retired due to the PHYSICAL stresses of the job. And that doesn't even mention the mental ones-12 hrs. shifts, skipping breaks AND lunch, not even potty breaks, too many patients to safely care for, combative patients, ad nauseum.
Maybe doctors can work until they are 100, but there sure as hell aren't too many nurses who can. And most of us are now paying for it with orthopedic problems et el.
"Four in 10 plan to delay retirement" headline is wrong. It should be "Four in 10 at risk of never being able to retire" or "Four in 10 considering retirement abroad in less expensive country." Myself included in both prospects, not sure which yet.
I agree, Beev. I was replaced by a 28-year old woman on my job and thanks to that Supreme Court decision making it nearly impossible to prove age discrimination, I nearly lost my house. Thank you, US Supreme Court!! I wish I had the power to bounce all who voted for that asinine statute that makes it tougher to prove age discrimination than it is race or gender discrimination. Could I afford a lawyer? As an unemployed slob, no way. Trust me, the government is going to kick we older Americans to the curb, throw us under the bus, then back the bus over us. Wait and see, silver America. Wait until they start cutting Social Security and Medicare benefits. It's coming to our city and it won't be pretty! By the way, I'm 59 and looking forward to the day when I can leave corporate America for good and not have to face age discrimination. Trust me, the door won't hit me where the Good Lord split me!!
Their going to keep rasing the age limit and cutting the benefits. All in hope that we will just die without ever drawing the benefits we have paid in and been promised all of our working life. You have to remember that the people we keep voting into office are not going to retire on the same benefits that we will so why should they really care. Yes, I am concerned as the company I have worked for the last 40 years, just closed it's door. Female 61 & hunting a job can not find anything. How do you pay bills & pay for Cobra insurance when you are living on unemployment, & know that will run out. Our elected officals should have to live on the same benefits then they might work harder to save them.
One word: VOTE!
One word: VOTE!
Wait till the "retreads" take over, you'll have to hang a sign around your neck asking for help and hope that some church group picks you up. The quicker you die the happier the "R"s" will be.
You older Americans are getting to heavy to carry on our backs!
If it wasnt for older Americans you wouldnt be here!!!
That is what we said about your grandfather! and your kids will be saying the same thing about you - let us know how you feel when that happens!
Phil-825508
How long did we carry you on our laps? Did we clothe you, feed you, educate you, raise you? Or were you raised by wolves?
I have to admit that this is the first time I have EVER replied to a blog of any type, but reading the comment from Phil has made me feel like responding. I am not sure of your age or anything else about you, but will tell you that your comment is RUDE and unacceptable. I have one word for you KARMA! And if you are wondering, I am not in the age category that you mention. I just thought you should know that you have no respect for people of any age when you are so willing to type something that nasty!
Obviously Phil's parents did a really good job with him. They must be so proud to have such a wonderful son.
You're not carrying anyone with your $10/hour fast food job.
Thank god my kids didn't turn out like Phil. I feel for his parents! I will give him the benefit of the doubt though. After all he may have been abused as a child. He will get his by turning out to be a bitter lonely old man. I don't need my kids help but they all have let me know that if I did they would be there in a heartbeat.
May the Maggot Gods bestow upon your morning porage, the riches of their troft. May they completely fill the volume of your bowl, that there may not be room enough to make gravy. So let it be written! So let it be done!
I was taught at a young age not to argue with the mentally challenged.
Obama is making sure that Phil will be carrying the boomers on his back. Thank you, Phil, for voting for Obama. SUCKER!!
I think Phil's parents are dead - he doesn't have to carry them.
If you don't die young, old age is all you have to look forward to.
older Americans are NOT on the younger workers backs by our choice!! We have worked all our lives, and still working, putting money into our ss retirement benefits.The goverment chose to use the money elsewhere and that is what has depleated the fund. If the government wants to give me what I personally paid in over the last 55 years of my working life, that would be better for me. So get off our backs!!
Phil,
One day you also will become old. With your attitude, who will carry you?
Phil-825508 must not think he will ever BE older. These morons who are talking about doing away with Social Security and Medicare are setting the precedent for what's going to happen to them when they can no longer work.
If you do not die young, look forward to getting old.
Just keep working Phil, I need you to keep paying in SS so I can live the good life.
Everyone needs to turn their back and look the other way.All of us know the old saying,like father like son it would seem that Phil's dad taunt him well in the low life class.
I hate to tell all of you, but you already recieved your social security benefits. If you voted for Reagan or W. Bush then you recieved your benefits through the tax cuts that they passed. They cut taxes but did not cut spending so they paid for the spending by running up the deficit through borrowing and taking the money out of the social security savings fund. With your tax cuts many of you did not take that money and invest it. Instead you decided to trade in your car and it's payment for a newer car and larger payment, or decided to get out of your house and get into a larger house with a larger morgage.
I hate to tell you, but "there's no such thing as a free lunch" and someone has to stay after the party to clean up. For the past 30 years you have enjoyed the party, lived on credit, borrowed, borrowed, and borrowed and now you want "what's owed to you" even though you have already recieved that payment. To ask your grand kids and great-grand kids to pay for your mistakes (which, whether you want to admit it or not, you will have to do if you want your benefits because there isn't enough money left to pay you) is completely unjust. Too bad "the greatest generation" gave the keys to the kingdom to their children only to have them squander it. Now you want to lecture those who have the guts to be honest with you and tell you that the party is over. Sorry boomers, but you're over 50 and it's time to start acting like an adult.
Yes, you can make up your mind that you are going to keep working into retirement. Only problem is: will anyone give you a job?
Phil, We older Americans are who contributed to SS for years. I don't consider myself being carried on your back or anyone elses!! I would find it interesting to see your feelings in a few years when your company pension plan has been gutted and it's time for your retirement decisions.
If you are currently a government worker and can retire at 90% of your current pay plus getting a free ride on your health benefits why would you choose to keep working. Its better to get yourself as soon as possible on the retirement bandwagon gravy train before they take it away. You are crazy not to do so.
I don't know what planet you are living on but what u said about retiring on 90% of your pay and getting free health benefits is total BS. Maybe you should get your facts straight before u start shooting off about something you know nothing about!!
big horn- you are way off track with your comment. congress members might get 75 or 80%, but as a typical govt worker, if i work for 30 years and im 65 i will get 30%. free health care- not hardly, i can keep my benefits for about $100 per week, throw in deductables and co-pays and im out about $8000 a year for my health coverage. that leaves me about $20,000 a year and i still have to pay taxes. that aint much for working 30 years for the govt and a total of about 60 years of my life. stop listening to hogwash of beck and limbaugh and get your facts straight for once.
The elected officials you old farts kept voting for over your lifetime ran up the deficit and bankrupted Social Security so quit your whining. And yes, I would like fries with that thank you.
And what are you doing to change that? Are you just into finger pointing? Big mouth and no balls?
No need to change anything. I'm fiscally conservative with my finances. Don't gamble my retirement savings in the stock market like the rest of you baby boomer fools. A whole generation morphing into Grandpa Simpson's. "I'm old, gimme, gimmee, gimmee". They should have passed out condoms to the GI's when they came home in '45. Then maybe there'd be a million less of you spoiled whiners.
Rob's just screaming because mommy's got the money and won't give it to him to squander. Mommy needs to watch her back around sonny.
Rob,
Kind of Harsh but definitely some truth to it. The older generation absolutely made their own bed and frankly the younger generation is going to be paying for it for years to come. A little personal responsibility and foresight would have been nice...
Rob, when you have a pension its not free. The state took $198,000 of my money out of my paycheck for over 20 years. I did not get to choose where that money went. During the last few years they gave me a choice of what investment plan I can use. They determine the plans. Now if I wanted to put that in a bank, in CDs, Roth IRA, or under my bed etc.. no such luck. The worst mistake companies and government made was to invest pension plans in the market. Notice it was not the worker who made that decision. WE HAVE NO CONTROL.
Now the government is to match our pension contributions. Most funds are under funded because the government squandered the money like social security. When you retire, the initial money you get is out of the amount you contributed. Only after that is used up do you get any government money. The government hopes you will die before your money is used up so they don't need to come up with their share.
It is quite a racket but companies or government employees MUST participate in the pension plan. The only other option is to leave.
I hope you can invest enough in your 401k to cover all unforseen things once you retire. Because if you don't you are SOL. 401ks were never designed to be a retirement account. Do the history.
Rob, not much to say that would fix your statement, cuase we can't FIX stupid.....
4 IN 10 that seems to be the ratio of public sector to private sector . the 4 private sector employees may never get to retire , but all of the public sector employees will retire right on time , probably at the ripe old age of 52!
jfrany- you are way off track with your comment. congress members might get 75 or 80%, but as a typical govt worker, if i work for 30 years and im 65 i will get 30%. free health care- not hardly, i can keep my benefits for about $100 per week, throw in deductables and co-pays and im out about $8000 a year for my health coverage. that leaves me about $20,000 a year and i still have to pay taxes. that aint much for working 30 years for the govt and a total of about 60 years of my life. stop listening to hogwash of beck and limbaugh and get your facts straight for once.
Who is pushing this talking point that it is time to dump on government workers? Government workers made a trade -- lower salary than they could get in private industry for better job security. Right now, that looks like good trade, just like right now it looks like the stock market was not the place to put your 401K.
8,000 turnig 60 every day now! Can you imagine the changes in consumption, housing, employment, investing! 1 out of 4 in the US a boomer! Try blowing another bubble when us old folks are saving, consuming less, downsizing and investing conservatively! Can you say defaltion for a generation-say it with me! Social security is in the red years ahead of gov forecasts! What other monster unfunded entitlements might they have missed by a mile?? Vote for conservatives or pay dearly-socially and financially! See California experiment if ya doubt! Tea anyone?
We need to raise taxes on public employees to pay for overpromised pensions! Taxes on those that mismanaged funds-fair!
your uncle sammy- you are way off track with your comment. congress members might get 75 or 80%, but as a typical govt worker, if i work for 30 years and im 65 i will get 30%. free health care- not hardly, i can keep my benefits for about $100 per week, throw in deductables and co-pays and im out about $8000 a year for my health coverage. that leaves me about $20,000 a year and i still have to pay taxes. that aint much for working 30 years for the govt and a total of about 60 years of my life. stop listening to hogwash of beck and limbaugh and get your facts straight for once.
The statement that the Center on Budget and Policy Priorities claiming that the Social security Trust Fund is in good shape is a joke. The trust fund has never and will never exist. Social security is a "pay as you go " deal that will depend on what future taxpayers can pay in taxes. Since there are no real "green dollars" and only governement IOU's to itself, the phony amount that is suppossed to be in there does not really mean squat. Regardless of what they say, this system cannnot sustain itself forever.
don- i guess you dont understand how we pay gor your wars- we issue t-bills and sell them to the chinese or others who have money.
Bill i guess you don't understand what pay as you go means. There is no trust fund. That money is not in Al Gore's lock box. There never was a lockbox and never will be one as long as liberals are running the show.
Randino must not understand that Gov't Bonds are backed by "the full faith and credit of the United States of America". I guess you Red-State deadbeats are for welching on the debt. Typical conservative hypocrisy.
This the new plan. Work 'till you die, then the right wing will be happy.
I will retire at age 62 with a very modest government pension, a severely reduced (in value 401K) and a paid for home that is worth 40 % less than it did 5 years ago-but not in the U.S. My wife and I will be joining the hoardes who are ex-patriating to a less expensive country (read economy). What saddens me is that over the years I've seen us turn against each other because of race, gender, orientation, religious beliefs and now simply age!. Our lack of civility to one another is troubling to say the least. We as a nation are doomed! It's so sad to see the greatest country on earth destroyed from within
Bye
Republicans ruined retirement long ago. Pensions are gone now, for the most part. Many don't get any benefits at all, just day labor. Used to be 40% were unionized, now about 8%, not so much the unions are gone, but also the industries are gone. We are the no vacation Nation, and the no retirement Nation, thanks to republicans. They get their reward for that, people still vote for them, and they have good retirement packages.
so when do you back up your baseless claims that this is the republicans fault?
I really doubt that this is change. As people get closer to retirement there is much trepidation and concern. I know because I retired a year ago at 56 and it was the best thing I ever did next to getting married. But I did lose a lot of sleep over it.
There is nothing wrong with Social Security that minor tweaks won't fix. Even if nothing is done, SS will be able to pay full benefits until 2037 (or 2041--the year keep getting pushed forward) and after that, it will be able to pay at least 75% of full benefits indefinitely. And that's if we do nothing! With a minor tweak, it can be put into solvency for at least 75 years, far longer than the Baby Boom generation will be here to draw benefits! SS is NOT the problem, greedy politicians are. If they will stop robbing SS for their pork projects, SS can do just fine.
Medicare, unfortunately, is another problem, but we need to go to a universal coverage, single-payer system like all the other industrialized countries. Medicare and SS are NOT tied together! Medicare has some problems, but SS does not have any problems that can't be easily fixed. Let's not mix them up.
I fear that Social Security is the only thing left to steal, I have faith that Republicans, especially TeaParty Republicans, will do their best to steal that, too.
Have you seen the endless commercials for lawyers telling people that they can get them the social security benefits for disabilities they are entitled to? Well that is another reason the SS system is being used up too rapidly. The system was not meant to fund so many people claiming disability at a young age. If you are really disabled you should not need to hire a lawyer to fight your denial!
I suspect that if public sector workers had to work untill the age of 65 or 70 like the rest of us , there would be a lot more production and a lot less stress on the tax payer.
ssmike- you are way off track with your comment. congress members might get 75 or 80%, but as a typical govt worker, if i work for 30 years and im 65 i will get 30%. free health care- not hardly, i can keep my benefits for about $100 per week, throw in deductables and co-pays and im out about $8000 a year for my health coverage. that leaves me about $20,000 a year and i still have to pay taxes. that aint much for working 30 years for the govt and a total of about 60 years of my life. stop listening to hogwash of beck and limbaugh and get your facts straight for once.
I tried to totally retire but companies keep calling to get me to fix the jobs that the younguns screwed up. Like little Ronnie, my son bad mouths the old people and sits around waiting for me to die. SURPRISE! I'm leaving everything to my dogs and their progeny. They're more loyal and smarter than the younger generation.
i am going to leave my money to veteran organizations instead of my wife and children- but your idea for the animals has a lot of merit.
subsidizing the rich farms go NOW. Plough the money back into SS. Stop being the policeman of the world. We have enough issues here already. I will be retiring in a year.
sounds to me like you might not be retiring in 1 year. Funny how you didn't care about these issues until now huh. Now you want all of our tax money to go to social security solvency. I say get rid of it altogether. It's a waste of money and ripe with corruption.
There seems to be some part of the conservative mind set that they absolutely must have somebody to dump on. It's been gays, unwed mothers, moslems. Well now they've reached a new low, they're attacking old people, sick people, their own parents.
This has to make the companies that manage the retirement plans very happy.
Every year that people postpone retirement is another year they get to sit on those assets. Some people will surely die while postponing retirement and then the companies benefit by only having to pay a lesser amount to survivors if any exist and keep the rest.
Even people who are already collecting a pension and working full time or multiple jobs will probably not live as long due to burnout or poor health, so those payments will cease or be reduced to survivor benefits. If these people are working just to make ends meet, they sure aren't paying many medical deductibles and most likely are skimping on healthy foods and lacking time and energy for any excercise.
I say, "bring back slavery!" Let the right take over and turn us peons into slaves - no benies, no salary. Just work for the rich. God knows, we're almost there.
If your work ethic is as bad as your attitude, nobody would want you as a slave.
lets be honest here. This article is misleading. We all know that a majority of the boomers(the generation of me me me) have little to no retirement savings and for some reason feel that Social Security should be guaranteed.
Not to mention the fact that when the author says "the trust fund needs to be updated" he means RAISE TAXES
I work in a family business and will never be in a position to retire nor would I want to. I know people who still get up and go to work in their late 80's. and it keeps them young and engaged.
That's great for people who are still healthy at 7 or 80; but it is cruel public policy. Work 'til you're 90! But nobody will hire you after 55.
Since I cannot predict the economic or financial future, I worry more about retiring (at any reasonable age...say 62-66) and outliving my money. It has been said that outliving your money is the only thing worse than death. Having an economic and financial backround I feel comfortable that I will have enough but "Ya' never know." My plans for semi-retirement at 62 (continuing to work part time) have only changed by a year or two due to the most recent financial situation so I consider myself somewhat lucky.