More Workers Say They Can't Afford to Retire

[Guest guest]

Are you a devotee outside ISKCON and cannot retire as in the following passage? If so please say.

 

 

More Workers Say They Can't Afford to Retire

 

 

USA Today

 

Three years of stock-market losses have caused savings to

shrivel and spurred legions of workers to delay retirement.

This year nearly one-quarter, 24 percent, of workers ages 45 or

older say they plan to postpone their retirement -- up from 15

percent in 2002, according to the annual Retirement Confidence

Survey released last week. And 16 percent of workers say they are

not at all confident that they will have enough money saved for

retirement -- up from 10 percent a year ago.

The findings coincide with other studies showing that

participation rates in company-sponsored retirement savings plans

have fallen. These trends are significant because the number of

workers who can count on traditional pensions has declined,

putting the onus on more workers to save for their own retirement.

 

The outlook is not good for nearly one-third of workers, 32

percent, who said they have not saved for retirement.

Despite the shaky economy and bear market, the percentage of

workers who say they are somewhat confident or very confident

that they're saving enough for retirement remained relatively high

at 66 percent, vs. 70 percent last year. But that may simply be an

indication that many workers don't really know or don't want to

think about how much they need to save for retirement.

A sizable number of workers have stopped doing retirement

calculations because, at the current low rates of return, it's

depressing to see how much they need to be saving, says Dallas

Salisbury, CEO of the Employee Benefit Research Institute, a

co-sponsor of the survey. And many workers remain unaware that

the eligibility age for full Social Security benefits is gradually

increasing from 65 to 67.

[Avinash]

This is 30,000th post in Spiritual Discussions forum. /images/graemlins/smile.gif

 

Your post was no. 29999

[Avinash]

Your post should be in "World Review" forum. Anyway.