Once upon a time, retirement was referred to as the “Golden Years.” Today, with the world economy struggling to emerge from recession and equity markets limping along, the promise of retirement as a time of relative comfort, leisure and prosperity has evaporated in the eyes of many Americans near retirement age.
E. Thomas Foster Jr., vice president and national spokesperson for The Hartford's Retirement Plans Group. (Photo: Business Wire)
Research from The Hartford Financial Services Group, Inc. (NYSE: HIG) has found that many older Americans who are approaching or who have passed the traditional retirement age of 65 are decidedly pessimistic about their short- and long-term financial future, especially as it relates to their wherewithal to retire.
“The economic turmoil of the past few years has taken a major toll on the retirement dreams of those age 60 and older, especially those in their 60s,” said E. Thomas Foster Jr., vice president and national spokesperson for The Hartford’s Retirement Plans Group. “The financial services industry – financial advisors in particular – need to reach out to their mature clients to help them get back on track.”
According to The Hartford’s study, many of today’s pre-retirees say they have “no idea” as to when they can retire (28.3 percent for ages 60-69 and 33.3 percent for age 70 and older) and a significant percentage (36 percent) of those ages 60-69 believe they will have to postpone retirement for up to two years or more.
With nearly nine in 10 people in their 60s expressing concerns about having enough money in retirement, more than half (55.4 percent) plan to work longer and put off retirement or work part time during retirement. Nearly half of those age 70 and older (44.4 percent) said the same. A significant percentage (17.4 percent for ages 60-69; 33.3 percent for age 70 and older) of survey respondents say they never plan to retire.