Due to a difficult economic climate and deteriorating personal finances, more Americans are reportedly delaying their retirement plans by at least several years, according to a new study from The Conference Board. The non-profit, non-advocacy research organization published its findings on February 1, the contents of which suggest that the country’s workforce remains highly unbalanced due to increasing competition for jobs.
Lost jobs and reduced income prompted nearly two-thirds of survey participants canvassed by The Conference Board. These figures were common regardless of the socio-economic statuses of the individuals, and every region of the United States is reporting higher numbers of older employees. The group stated that 62 percent of those they interviewed in the 45- to 60-year-old bracket acknowledged that at least 20 percent of their savings had been lost during the 2007-2008 financial crisis, an issue that has led them to continue working.
“It’s disconcerting that the two years in which the U.S. economy seemed to finally, if fitfully, turn the corner also left so many more workers compelled to change their retirement plans late in their careers,” Gad Levanon, a director of research for the organization and one of the principal authors of the report, said in a press statement. “This may benefit some businesses and industries, by reducing labor shortages and skill gaps as experienced workers stick around. At the same time, their delaying retirement can be a significant obstacle to the many companies seeking to cut costs.”
These figures suggest that folks nearing retirement should consider doing all they can to prepare for this period, especially in light of a tough economy and volatile stock market. GreatWealthStrategies.com has a number of tools and resources that folks can use, so download your own “Free Game Plan Report” today to learn more.