These days, some prospective retirees may not be as financially stable as they may have hoped to be in this stage of their lives. AARP reports that many individuals are still paying off their debts into their 60s, and this severely limits their retirement options.
Debt may not be the only factor contributing to the disappointing truth surrounding retirement. The government reduced interest rates to help stimulate the economy, but these lower rates can be detrimental to those trying to save money for their retirement.
"The slowdown of the economy has caused interest rates to fall," Rick Fenner, an economics professor at Utica College, told the Utica Observer-Dispatch. "If interest rates were 10 percent, that sounds great,but if the price of everything is going up 15 percent a year, then you're really falling behind."
A recent AARP survey revealed that roughly 70 percent of New Yorkers are concerned about maintaining their finances in retirement, and 58 percent plan to delay their retirement if the economy does not improve. The main concern for most of the survey respondents was health and well-being, and senior alert systems can help lower this concern by sending medical alerts to emergency responders if elderly individuals are injured.