Americans No Longer Expect Retirement at 65

[marmar]

from 24/7WallStreet:




Americans No Longer Expect Retirement at 65
Posted: April 27, 2012 at 6:34 am


The American dream that people would retire at 65 with adequate savings is dead. It has been killed by the recent habit in the United States of saving too little for living the last part of life, a collapse of the real estate market and the sharp drop in interest rates. Now, older people do not expect to retire until 67 or older. That creates a long list of problems for the economy.

According to a new Gallup poll:

The average nonretired American now expects to retire at age 67, up from age 63 a decade ago and age 60 in the mid-1990s.

The first and most important byproduct of this decision is well-known. An older person with a job means the chance that a younger person has one is diminished. The economy does not create enough jobs at the rate of 200,000 a month to offset the trouble this pattern creates.

Another effect of the need for the aged to keep their jobs, or get new ones, is that the population is likely to be less mobile. Retirees who might relocate to the South are not doing so in great numbers. This is one of the reasons the real estate markets in Florida, and probably Arizona, are so poor. Unemployment in those states is high. That tends to trigger mortgage defaults. There are not enough people moving into the markets to buy some of that supply. The change in retirement behavior will keep those real estate markets troubled indefinitely. ...........(more)

The complete piece is at: http://247wallst.com/2012/04/27/americans-no-longer-expect-retirement-at-65/#ixzz1tFCH0omr

[badtoworse]

1. There is another factor at work as well

People today enjoy better health in their 60's than previous generations. Many are fortunate in that they enjoy good health, like their job and just don't want to retire yet. They are a minority, but I don't believe their numbers are insignificant.

[B Calm]

2. Hell I'm 60 and I been wanting

to retire since I was 50. I'm in good health, but starting to feel my age. The only problem is, the corporations did away with our retirement programs and health insurance cost way to much.

There has got to be more than life than work. . Oh how bad I want get rid of that ball and chain. . . .

[lunatica]

3. Well what about all the screaming about Boomers retiring and gutting SS?!

Give me a fucking break!

This is an example of class warfare. Of pitting one generation against another.

First of all, there are plenty of potential jobs if all those fucking 'job creators' took their tax breaks and actually created the jobs they're so fucking famous for allegedly fucking creating.

Second of all the longer Boomers work the more they'll be fucking paying into Social Security thusly not creating more of a burden on the younger generations.

I wonder how many times I can say 'fucking' before I get banned?

[belcffub]

4. 65... heck I'm planning to be done by 55

then it's my turn... retire to my off-grid weekend place in the woods... the peace and quiet... don't need much... just enough for food and taxes... everything after that is just gravy... might upgrade to running water about that time though...

[B Calm]

5. I use to think the same thing. LOL

Then at age 47 the company I worked at for the last 25 years filed bankruptcy, sent operations to Mexico, stoled our pensions, and slammed the door. I had a son in his first year of college, so I learned how to drive a truck for a living. Things sometimes don't turn out the way you plan.

[belcffub]

6. I've already saved enough to do it today...

started putting 10% away when I was 20... adds up... but I know I will need health insurance and such... at 55 I will get that for life (I work for the state) along with my pension... I'll have 33 years in at that point... still putting 10% away plus a couple of percent for my kids college... shouldn't be a problem...

[B Calm]

7. I been saving all my life too. Right now

I put in 30% of my wages into my 401K and my wife puts in 25% of her wages. We have probably enough money to retire comfortably if not for health insurance.

You say you work for the state and you know you'll get your benifits when you retire at age 55. State Republicans are gutting benifits all over the country, hopefully you're in a BLUE STATE. . .

[belcffub]

8. New York

have tenure (not a teacher) and our benefits have have withstood several attempts over the years to reduced...

instead they usually create new tiers that lower the benefits rather then go through a legal battle they know they'll loose...

like I said I enjoy the simple life... hope to retire to my country place... it's paid for and if I harvest the veneer grade trees slowly I can pay the taxes with that alone...

I do youtube vid's of my build and project progress down their if your interested...

oh... and I'll be upping the 10% once the kids are out of the house... plus in 7 more years my city place will be paid off... so I'll be able to sell that and most of the stuff in it... should (fingers crossed) work out ok...

[Javaman]

9. I gave up on that hope during ray-guns era.

I knew then that I would die at my desk.

[B Calm]

10. Cheap Labor Cons invented the ball and chain