Benefits July 13, 2009

Economic Crisis Pushing Retirements Beyond Age 70

July 13, 2009 (PLANSPONSOR.com) - A new survey from Golden Gateway Financial shows that losses in the financial and housing markets during the economic crisis is causing many seniors to consider retiring at a later age than originally planned.
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According to a press release, before the economic crisis, 67% of respondents planned to retire before age 70, but now the number of seniors planning to retire by age 70 is 40%. Also, before the economic crisis, 30% of those surveyed planned to retire after age 70, and now almost 50% of seniors plan to retire after age 70

More than 40% of the seniors polled reported the current economy has had some kind of negative effect on their ability to retire, the press release said. More than 50% indicated they are concerned that their overall net worth may no longer be enough to sustain their retirement.

Eighty-six percent of seniors said they have a reasonable understanding of their net worth, and 50% of them indicated their net worth had declined by between 10% and 30%.

The independent online survey, conducted with United Sample, Inc. in partnership with Golden Gateway Financial, polled a nationwide representative sample of more than 500 senior citizens aged 62 or older.

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