Study Finds Many Americans Postponing Retirement
Posted on October 23, 2009
Reuters reports that a Sun Life Financial Inc study found that 65% of workers plan to stay on the job at least one more year than planned. The figure jumped 11% from a study in January.
A study to be released on Thursday by Canadian insurer Sun Life Financial Inc found 65 percent of U.S. workers plan to stay on the job at least one more year than planned, an 11 percentage point increase from a similar survey in January.Even with enough investments some people probably just don't want to stop working. If you retire at 65 and live to be 100 what are you going to do for that 35 year period? Obviously, you also need to save enough money to last you 35 years which is a considerable amount of money.
"There is a huge drop in confidence that has taken place," because of the fall of stock markets since 2007, Wes Thompson, president of Sun Life's U.S. division, told Reuters in an interview. At the same time, longer life expectancies mean individuals need to build up more savings before they stop working.
"It's not retire at 65, get ready to die at 70," Thompson said.