Copyright

(c) 2016 Jon L Gelman, All Rights Reserved.

Saturday, October 19, 2013

Aging Baby Boomers Continue to Postpone Retirement, Report Finds

Working into retirement age is changing the way workers' compensation programs must handle claims. Developing new techniques to handle aging worker claims requires new economic and social considerations. Today's post is shared from alfa.org.

A new survey reveals the financial impact the Great Recession has had on the Baby Boomer generation. 47 percent of working adults surveyed said they now expect to retire later than they previously thought, with an average retirement age of 66.  This figure was nearly three years later than the respondents’ reported estimate when they were 40.

Working in "Retirement"

The poll, conducted by the Associated Press-NORC Center for Public Affairs Research, surveyed 1,024 people aged 50 and older nationwide. Those surveyed were asked questions about their employment status, financial situation, and plans for retirement.
Overall, men were more likely than women to postpone their retirement plans.  Minorities, parents of dependent children, those without health insurance, and those with an annual income of less than $50,000 were also more likely to delay their plans.
Among those surveyed who had already retired, 4 percent said they were looking for a job and 11 percent are already working again. Among employed respondents, 82 percent said they were likely to seek at least part-time employment for extra income during retirement.

Retirement Savings and Ageism 

When asked specifically about retirement savings, about an equal share of those surveyed felt secure about the amount of savings they have for retirement (46 percent) as feel anxious (45 percent).  However, the researchers found that a significant portion of respondents gave signs of...
[Click here to see the rest of this post]