October 9, 2013

Boomers forced to retire early by job loss

During the financial crisis, many people vowed they would never retire, and now they are. What changed?  Read the details in US News & World Report by Richard Satran.
“Planning for retirement? If you are not, you should be. What's becoming increasingly clear in the post-financial-crisis economy is that many people are unable to plan just when or how they'll leave the workforce. In the midst of the financial crisis, baby boomers responded to money pressures by vowing not to retire, and some forecasts saw the post-55 work segment poised for huge growth. Pew Research reported in 2009 that 60 percent of people nearing retirement planned to work through retirement age. Other studies put that figure as high as 80 percent as the financial crisis raged. But reality bit. Even people who wanted to work longer found they could not swing it. Among the first wave of baby boomers to hit retirement age, more than half (54 percent) quit working before they planned, according to MetLife's Mature Market Institute survey this year. "Boomers aren't necessarily 'working 'till they drop,' as was predicted," MetLife says. (all direct quote from Satran’s article) to read the rest of the article: http://money.usnews.com/money/personal-finance/mutual-funds/articles/2013/10/08/boomers-forced-to-retire-face-unexpected-challenges

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