More Seniors Are Delaying Retirement
Here is an interesting Email we got showing how Seniors are now more likely to delay their retirement.
Last night, I was browsing through the internet to seek information about retirement plans. My dad is going to retire in a couple of months, so I was helping him find a good plan. I landed up on something that was hard to believe. I could not have thought in my wildest of dreams that anybody can procrastinate his/her retirement plan. At least, I would not! But, many people all over the USA are doing it, and the reason is (yes, you got that right!) recession.
A recent survey conducted by Golden Gateway Financial has shown that more and more senior citizens in the US are delaying their retirement in order to make their ends meet. In the time of economic meltdown, when the whole world is busy arranging finances, the older Americans are looking for new opportunities for employment.
The seniors in the US are looking for new jobs (at an age when they should have otherwise retired), so that they can recover from the losses in the financial, as well as housing sectors. Recession has taken a toll on everyone, and the seniors are trying their best to cope up with the situation by holding up their retirement plans.
Prior to recession nearly 67% of the seniors in the US were desirous to retire before 70. But the scenario has changed radically post recession. You would be shocked to know that at present about 40% of the seniors in America plan to work after 70, so that they can bear their living costs. They say they have their Equated Monthly Installments, food bills, electric bills and the like to pay, and they do not find a better way to maintain their finances.
I felt aghast seeing people on the verge of retirement slogging to earn a living. How do you guys feel about that?
We think seniors should consider getting a reverse mortgage if it applies to them. This might give them the finances that they need to retire.
