Booman Tribune ~ A Progressive Community

Real Americans Don't Do Retirement

by Steven D
Thu Oct 22nd, 2009 at 08:18:58 AM EST

Retire? Now? What hard working American would even consider the idea? We Americans just love to work, even if only some of us get the Big Bucks for our efforts. Besides, we can't retire. We don't have enough money.

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.
"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. [...]
Also, a forthcoming study by Prudential Financial Inc found that 66 percent of respondents over the age of 45 said they may need to work longer than expected to afford retirement.
And a recent survey by mutual fund giant Vanguard Group Inc of Pennsylvania found that 45 percent of American investors said putting off retirement was "possible" and the figure was nine percent points higher among people in their fifties.

That might explain all those 70 year old people I see working at Supermarkets and Fast Food places, or just burnishing up their resumes for a job search. Not that there's anything wrong with that. On second thought, maybe there is. Maybe a retirement system that depends heavily on the fluctuating value of your stock portfolio wasn't the best idea for ordinary folks, no matter how good it might have been for Wall Street and your employer.

Just a thought.

Real Americans Don't Do Retirement | 3 comments (3 topical, 0 editorial, 0 hidden)

Re: Real Americans Don't Do Retirement (none / 0)

I'm retiring in December. Made the decision a couple of years back in full recognition of what was likely to happen and did happen. We'll survive. As I explained to my colleagues, 'if I made a mistake, I hope I live to regret it.'

Knut

by Knut Wicksell (b_didnn@hotmail.ca) on Thu Oct 22nd, 2009 at 10:29:16 AM EST

Re: Real Americans Don't Do Retirement (none / 0)

Does anyone really want to die working? Surely sad if they do

by observer393 on Thu Oct 22nd, 2009 at 12:54:01 PM EST

Re: Real Americans Don't Do Retirement (none / 0)

I have the same view as yours, I can see the Republican Democrats works so hard just to have their 401(K). Since most people are aware that everyone is making less money than they used to and Social Security isn't a reliable option, what to do about retirement funds? Well, lately a lot of people are thinking of financing 401(k) contributions, or to other retirement funds, or to start an account for college funds for the kids? Well, it's a tough call. The kids can always get financial aid, or scholarships, (or jobs) and your retirement account is absolutely essential. That said, both ideas are noble enterprises, but it can sure be a real quandary - whether to use personal loans to contribute to retirement funds, or college funds for the kids.

by Katelyn on Fri Oct 23rd, 2009 at 03:59:51 AM EST

Real Americans Don't Do Retirement | 3 comments (3 topical, 0 editorial, 0 hidden)

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