Workers 60 and over have
overwhelmingly put retirement on the back burner, says a new study from CareerBuilder.
Concerns and fear from a year ago are still on the minds of those near typical
retirement age.
Wall Street investment and
the stock market grew in the last year, but that does not mean older workers
have recovered all their losses. In March 2009, the Dow Jones Industrial
Average was hovering at volume levels around 6,500. In March of 2010, the DJIA is
more than 10,000. When 72 percent of 792 workers ages 60 and over say they plan
to keep working because they cannot afford to retire, you know the economy is
still in play.
"The economy
continues to cast doubt in the minds of mature workers regarding executing on
their future retirement plans," said Jason Ferrara, of CareerBuilder, in a
statement." As a result, they are requesting to stay with employers a bit
longer."
Other
concerns for older workers include the need for health care and other benefits,
the fear of being bored and the comfort of feeling needed in a job. Another
major reason stated for postponing retirement was the enjoyment of the
workplace and not wanting to give it up. From the CareerBuilder survey:
"Twenty-seven percent of hiring managers say they were approached about
postponing retirements last year and were open to retaining mature
workers," said Ferrara. "The key is to let your employer know sooner
than later that you would like to put off your plans to leave."
Even though the market has rebounded and somewhat stabilized, the attitudes and
fears of older workers seem to be on par with how they felt a year ago,
according to a 2009 study from Scottrade on American
retirement trends that polled 1,000 adults.
"Boomers showed the most pronounced increase in their level of worry about
the future – more than two-thirds (67 percent) describe themselves as being
concerned about having enough money for retirement," said the study.
"This marks a 16 percent increase from 2008 and reflects the fact that
Boomers have been hard hit by the economic downturn and have the least amount
of time to recover. This generation’s concern is so deep, in fact, that this
year [2009] saw a remarkable 38 percent increase in the number of Boomers who
think they will never be able to fully retire."
One of the major issues not mentioned in the CareerBuilder survey are concerns
over the future of Social Security. Seventy-seven percent of respondents were
worried about the future of Social Security in the United States, according to the Scottrade report.
What did those in their 20s--commonly referred to as "Generation Y"
or "Gen Y"--think about retirement investment in 2009?
"Interestingly, Gen Y does not share the concerns of older
generations," said the report. "Despite the economic climate, members
of Gen Y remain optimistic about their retirement and are something of an
anomaly among American adults... Despite these indicators, the actual amount
that Gen Y has saved has declined. Many Gen Yers report not thinking about
retirement at all and few have a significant amount of money saved for it."
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