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Retire At 60: Many Americans Giving Up On Golden Years

Retire At 60 Many Americans Giving Up On Golden Years

The goal to retire at 60 may not be an achievable goal for many Americans. According to a report to be released Friday by the Conference Board, nearly two-thirds of Americans between the ages of 45 and 60 say they plan to delay retirement, with some thinking they’ll never be able to enjoy their golden years.

The 2012 survey of 15,000 participants found that those planning to delay their plans to retire at 60 are doing so because of “financial losses, layoffs and income stagnation sustained during the last few years of recession and recovery.” As previously reported by The Inquisitr, the US economy just had a pullback this past financial quarter. Even though the unemployment rate is down from its 2009 recession peak, the housing market is improving, and the stock markets recovered most of their losses, many American workers expect to stay on the job because they used up much of their savings during the lean years.

According to The Wall Street Journal, Kevin Cahill, an economist at the Sloan Center on Aging and Work at Boston College, says that having senior workers is a good thing for employers:

“Keeping older Americans in the work force is a good thing. Those workers have more financial security, employers have a larger labor pool to draw from, and we have more people to produce goods and services. There may be bumps like the recent contraction in the labor market, but we need to look beyond the short term.”

For those still looking to retire at 60 the Financial Post has several “commandments” that they recommend for meeting your goal. First, they say save money when things are good, but spend within a budget when things are hard. Look to the 30 year long term in the stock markets since overall they tend to go up; a 7.5 percent annual return will not you twice as much money as you started with. Watch the tax laws. For example, many of the new taxes desired by Obama and the Democrats led many to cash out their investments before the new laws went into effect in 2013. Lastly, do not panic; plan your retirement investments carefully.

Did you have plans to retire at 60 that were dashed by the realities of the great recession?

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16 Responses to “Retire At 60: Many Americans Giving Up On Golden Years”

  1. Gordon Kearse

    I retired at 55. I saved like heck for 30 years — so much so that I was living on $15,000-$20,000 a year anyway — far less than the $50,000 I was making. And I didn't develop an extravagant lifestyle which I must support during my "golden years." I've been retired for five years now, and my income will increase from new sources once I hit 60 and 62.

  2. Gloria Ann Jenkins

    I suggest that if you are at the age of 62; start drawing your benefits. Who knows, you may not live another 5-10years. Take your benefits, you have earned them. (you can always work a part-time job, if you feel it necessary).

  3. Anonymous

    If you enjoy what you're doing then…..what's the glory in not working? just to be able to say "I don't have to work"? Is this a proper sentence?

  4. John Miles

    Inmst cases retirement is the shortest route to death. Your mind and body need work. I'm very close to 60, I'm in better shape than I was in my 30's. Instead of retiring, I am setting myself up to do what I really love in my late 60's as part time employment.

  5. Jason James Rubadeau

    Then you are one of the few-good for you. My parents watched their 401k get stolen, my mother was laid off, and my dad just got involuntary retirement..after a 2 year court battle for his retirement pay..and the company spent many times that trying to fight it..'shame the America us in our 30's was handed has been so totally destroyed by the previous generations..THANKS GUYS!

  6. Anonymous

    "Did you have plans to retire at 60 that were dashed by the realities of the great recession?" ummm, is that a rhetorical question, or are you living under a rock somewhere…seriously; not all of us are either members of congress or the senate!

  7. Anonymous

    I would be bored to tears without some kind of work. So I will just keep plugging along.

  8. Tom Brace

    For many of us, just surviving from paycheck to paycheck for most of our careers didn't allow us to save, invest or even have a 401k, so now when we are in our 60s we look at our potential Social Security and plan to do all we can with what little we will get. It didn't help to have the banks foreclose on us, business lay us off and government tax us more each year, so now we look at the "golden years" with resignation, not anticipation. I'm still throwing in the towel at 67.

  9. John Mickus

    Today's buying power of $1.00 was equal to $5.00 in 1975. If you earned $40k in 1975, it's like earning 200k today. Our basic living expenses, due to govt regulations, have gone up 5 fold, but our income levels are the same, and the majority of us have to pay for our medical and pensions are non-existant. Retire at 60? Never going to happen for most of us. Maybe 90.

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