American business has become a gray area. As in hair color.
Call it the new American nightmare: Running out of money in
retirement is scaring the hell out of record numbers of older workers,
forcing them to stay in the workforce.
Now 80 is the new 60 when it comes to retirement. Many older workers
who finally clock out have sharply underestimated their financial needs
in retirement, raising the specter of personal financial disaster.
“Most clients are about to turn 60 or right after it, preparing for
retirement, and their concern [is]: Are they going to have enough money
to live through retirement?” said Jeff Speight, a financial planner and
manager at Tanglewood Wealth Management. “Their main problem is, they
don’t understand what to do.”
By putting off retirement the Baby Boomers are a large reason for the
high levels of unemployment for those looking to enter the workforce.
According to the latest Bureau of Labor Statistics the rate of
joblessness in people 20- to 25-years old is 12.5 percent, twice the
rate of people 25 and older.
These Boomers have plenty of company. The American Dream of retirement at 65 is looking more like a pipe dream to many. Read More.
No comments:
Post a Comment