Sunday, November 17, 2019
Survey Over half of workers over 60 are postponing retirement
Survey Over half of workers over 60 are postponing retirement Survey Over half of workers over 60 are postponing retirement There are many good reasons to keep working after retirement, but some Americans are having trouble getting to that stage of life. New CareerBuilder research shows that 53% of people ages 60 and up report that âthey are postponing retirementâ - 40% think theyâll have to wait to retire until at least age 70 - and 24% of workers say they donât know how much money theyâll need to put away for their Golden Years.Rosemary Haefner, chief human resources officer at CareerBuilder, commented on the decision for some to keep on working: âPostponing retirement will make an impact across all of our countryâs workforce, along with retirement policy and financial and healthcare planning.ââWith workers staying in their jobs longer, employers are adjusting hiring needs,â she added, âbut also reaping the benefits of the extra skills and mentoring abilities of mature employees.âThe Harris Poll surveyed 809 American adult workers working full-time, and who werenât âself -employedâ or working for the government. Here are some of the points that stood out.More people are saving up for retirement in the Northeast than anywhere elseThe research also broke the findings down by region, with the Northeast leading in terms of how many people (73%) are putting money in their retirement accounts. The South had the lowest amount of savers at 67%. Sixty-nine percent are saving in the Midwest and 71% are saving in the West.While 31% of women and 17% of men say they donât know how much money to save for retirement, the numbers also show how many older people arenât prepared for their Golden Years: 23% of workers age 55 and older donât have a retirement plan, such as an IRA or 401(k).Hereâs how much money people think theyâll need to reach their Golden YearsThe survey shows that when asked how much they will need for retirement, the most popular answer was â$500,000 to less than $1 millionâ at 31%, followed by âless than $500,000â came in seco nd place at 20%. The option of â$1 million to less than $2 millionâ claimed third place at 14%, then â$3 million or moreâ at 7%, followed by â$2 million to less than $3 millionâ at 5%.No matter how much money you think you need to save for retirement, itâs better to put some money away than none at all. CareerBuilder found that a whopping 40% of those ages 18 to 34 donât have a retirement plan.Earlier research found that in 2017, many millennials doled out more cash for coffee than theyâd saved for retirement - but that definitely doesnât mean you have to do the same.
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