64 percent of older adults feel that they need to work longer
May 19, 2011
The economic downturn hit baby boomers especially hard, and families across the country have been scrambling to make up the difference in the past few years. One strategy that seems to be ubiquitous is working longer. A new report from The Society of Actuaries found that 64 percent of boomers feel that they have to work longer in order to have a comfortable retirement.
Despite this finding, 4 of 10 respondents said that they were retiring earlier than planned, in part due to lay-offs and the difficulty of finding another suitable job. Experts suggest that this emphasizes the need for those planning for retirement to add a few extra years to their forecasts.
"It's important for upcoming retirees to realize they may spend more time in retirement than they are planning for, and will need to fund those extra years," said retirement systems expert Anna Rappaport.
Financial difficulties can be compounded if older adults are also taking care of their parents or a partner. In this case, it may be wise to invest in a personal emergency response system for a home, because this device allows users to instantly send a medical alert if they require assistance. Consequently, family members may not have to check on loved ones as often during the workday.