It’s Official, We’re Delaying Retirement
If there was any doubt retirement is being delayed it became clearer on Tuesday. Concerned about rising health care costs and not having saved enough, forty percent of U.S. workers are planning to delay retirement according to a new study by Towers Watson.
Those most immediately affected are older workers and those in pooerr health who are afraid of losing their healthcare coverage.
Workers who plan to delay retirement expect they will be on the job at least three years longer than originally anticipated. Over half the 9,000 respondents surveyed in May and June have also cut back on their spending.
“The economic crisis has had a deep effect on employees’ attitudes toward retirement and especially on risk … workers continue to have a fear that they won’t be able to afford retirement,” said David Speier, a senior retirement consultant at Towers Watson. “Despite the signs that some employees are saving more, spending less and reducing debt as the economy stabilizes, workers continue to have a fear that they won’t be able to afford retirement — and that will have significant implications on companies’ ability to plan their future workforce needs,” he continued.
Tags: career transitions, Retirement
