Working in Retirement
Study: 73 percent of boomers plan to work into retirement
It's no secret that many adults are planning on staying active during retirement, but results of a recent survey may surprise some people on just how they are planning on doing it. An Associated Press-LifeGoesStrong.org poll revealed that 73 percent of boomers are planning on working past retirement age, up significantly from the 67 percent who said the same earlier this year.
There are a number of reasons that members of the generation, born between 1946 and 1964, are planning on working into retirement, but for many it is because of economic concerns. In fact, 53 percent of respondents said they may not be able to retire comfortably. Among them is 53-year-old Greg Schmidt who also has concerns about what he's done in the stock market.
"I am most concerned that we're going to be entering a different time and equities aren't quite as valued," he told the AP. "I am afraid I'm a little heavy into equities."
Though the situation may seem dire, according to AARP there are several money-saving tips that can help retirees feel more confident about their finances. Specifically, the organization recommends saving money by not automatically renewing magazine subscriptions or gym memberships as well as re-evaluating auto and life insurance.
In addition to limiting expenses, AARP suggests scouring the internet for discounts only offered to people over 65. Finally, some experts recommend going through your house before you go shopping so that you only pick up what you need.
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The retirement plans of many baby boomers took a hit when the recession struck. Some were concerned they'd have to push back the date when they'd leave the workforce and others were worried about whether they'd be able to live the active lifestyle they had long envisioned.
There's no denying retirement is different than it used to be. In years past, it wasn't unusual for workers to leave their job all at once and settle into a relaxing life after employment. That's not the case anymore, as many people found it difficult to jump from a fast paced work environment to the more relaxed atmosphere of retirement.
Not long ago, it seemed unusual for older workers to stay on the job past the traditional retirement age, but that expectation has changed considerably more recently.
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