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Home » Recession forces retirees to put off their retirement plans

Recession forces retirees to put off their retirement plans

The recession has forced lots of aged retirees to put off their retirement plans and settle for pay checks. The recent economic down slum has really hit the retirees hard and some of them have been even compelled to put “help wanted” ads for assistance.

Even some weeks back, plenty of aged retirees were thinking about retirement. However, in order to cope up with the recession, lots of them have changed their mind and have opted to stay even if at a lower paycheck. According to experts, most aged retirees are concerned about their health care benefits and as such they have decided to extend their retirement period to get Medicare at 65 years of age.

Recent surveys made on around 1,100 people have shown that 16 % of people who are 45 years of age or over have put off their plans for retirement due to the economic down slum and falling stock markets. Surveys have also shown that the average age of retirement which is around 62 years for men and 63 years for women have increased.

However, experts say that the recession is not the only reason why people are postponing their retirement plans. Life expectancy rates are on the rise as well as the cost of living. Lots of workers also extend their retirement age in order to get Social Security Benefits.

With the present problems of recession, the rate of aged unemployment is also increasing. Compared to the past years, the rate of unemployment and layoffs of the aged has significantly increased. Today, around 17 % of the workforce is around 65 years of age or older. In addition, the net worth of the households in America has also fallen by 9 % in the last year.