Retirement Date Postponed by Economic Woes

A Bankrate survey found that75% of those polled plan to work as long as they can after retirement age, and nearly a third of those say they will have to keep punching a time clock because they will need the money. Four in 10 respondents said the bad economy has forced them to postpone retirement.

When it comes to the size of their retirement nest egg, the survey found 55% of retirees polled wish they had salted away more money; 38% said they were confident they would have enough.

While the turmoil in the economy may be keeping a lot of people behind a desk longer than they had planned, the Bankrate poll found only 14% reshuffled their portfolios to take a more conservative investment approach with their retirement assets. Meanwhile, 53% of respondents left their asset allocation alone.

Respondents didn’t have much of an organized plan for their retirement investments, as almost 40% said they are investing for retirement on their own with, 16% using an asset allocation plan, 15% picking mutual funds based upon performance, and 8% with a target date fund. Twenty-seven percent use a financial adviser for decisions while, 18% don’t invest in a retirement plan and 9% don’t utilize any organized strategies.

“This poll offers an interesting insight into Americans’ views of employment and retirement,” said Julie Bandy, editor in chief at Bankrate.com, in a news release. “Seventy-five percent of today’s generation plan to work as long as possible, a far cry from that of previous generations. Falling home values and losses in retirement accounts are forcing many Americans to re-evaluate their retirement needs.”

The national phone study by Princeton Survey Research Associates International of 1,003 adults 18 or older, including 509 who are currently employed, was conducted for Bankrate.

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