E. Thomas Foster Jr., Vice President And National Spokesperson For The Hartford's Retirement Plans Group. (Photo: Business Wire)
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV