NEW YORK (TheStreet) -- It's common knowledge among financial advisers -- and probably among middle-age adults sitting at kitchen tables all over the country -- that Americans are anxious over their retirement funds.
Transamerica says those displaced worker have suffered financial setbacks, such as a job loss or getting their hours cut at a job and working only part time. With 97% of all jobs created so far this year classified as part time, Transamerica expects that trend to continue -- along with some bad financial habits."Amid signs of economic recovery and an improving unemployment rate, millions of Americans are still unemployed or underemployed," says Catherine Collinson, president of TCRS. "Many displaced workers have raided their retirement accounts to make ends meet, and many may be overlooking the importance of retirement benefits as they seek meaningful employment. It's critical that we raise awareness of the issues and identify opportunities to help them rebuild their long-term financial futures." Transamerica reports the following on displaced workers:
- 59% of displaced workers have retirement accounts.
- 36% of those workers have already raided that retirement account for much-needed cash.
- Among U.S. displaced workers, the average amount stashed away in retirement accounts is disturbingly low -- $7,500, with workers in their 50s having only $16,000.
- Be a budget hawk. Can you share the burden of your living expenses? Take in a boarder? Downsize your home? None of the above are easy, but they're proven ways of rebuilding a retirement fund.
- Work part time. If you're not working part time, get a part-time job ASAP. Part-time work can be a bridge to full-time work and keeps you in the game with potential full-time employers (who prefer hiring workers with any job than with no job.)
- Spruce up your skills. Get out there and take advantage of free or low-cost business and career skills classes at local educational centers or community colleges.
- Don't focus solely on salary.When interviewing for full-time employment, take a close look at retirement benefits packages. A good 401(k) matching plan, for example, can speed up your retirement savings plan.
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