Retirement is a dream for most Americans, but without planning very few will realize it. Find out how this impacts the economy and what you should do about it.
1. 2009 - Recession Delays Retirement for Most
A 2009 Prudential survey revealed that over half of those age 45-75 are behind in their retirement planning. The survey only polled those with assets of at least $100,000. Most of that wealth in home equity, which will not be increasing until the end of 2011. The survey leaves out those with net worth less than $100,000 - folks without enough to retire. The economy is shifting towards freelance and contract work - jobs which don't provide benefits. Even though 62% of those surveyed believe they will recoup their losses, changing economic conditions means it is more likely they won't.
2. 2008 - Slowing Economy Forces 20% of Workers to Delay Retirement
A recent AARP survey showed that 20% of those aged 55-64 are being forced to delay retirement because of the slowing economy.
3. Nearly 40% of Workers Are Forced Into Unplanned Early Retirement
Many people just assume that, if they don't have enough to retire, they will just keep working. Unfortunately, 37% of workers are forced into an unplanned, early retirement because of layoffs, taking care of sick parents or spouses, or their own illnesses. Retirement planning is crucial to avoid this fate.
4. Women Working Longer Into Retirement
More and more women between 55-64 keep working, delaying retirement. Above age 65, both genders are working more than in the past. You've probably noticed that older grocery store clerks are replacing teenagers.
5. Why You Are Working Harder, But Feel Like You Are Earning Less
A large part of increased productivity is because the Internet and other technology solutions allow workers to produce more with the same amount of effort. The U.S. labor force must increase production faster than their incomes rise to stay competitive with foreign workers. This leads to a lower standard of living in the U.S. in the long term as wages equalize.
6. A Life Preserver in a Sea of Debt
A useful book if you are either finally ready to get out of debt, or even if you need a little convincing. Full of useful, pragmatic steps to get out of debt. The author, Judy Guralchuk, is passionate about helping people get out of debt, and uses her own personal experience as an inspiration.
