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Thread: Fifth of Americans forced into retirement: Study

  1. #1
    Elite Member JamieElizabeth's Avatar
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    Default Fifth of Americans forced into retirement: Study

    1 hour, 51 minutes ago

    NEW YORK (Reuters) - More than a fifth of all Americans are forced into early retirement, usually by layoffs and cutbacks at their companies, according to a study by Sun Life Financial Inc.
    "Unanticipated, forced retirement is occurring at an alarming rate, leaving the retirees unprepared," said Mary Fay, head of the Sun Life annuities department. Sun Life conducted the study in conjunction with Harris Interactive, a worldwide polling organization.
    Losing their jobs, on average about eight years early, leaves them ineligible for Social Security, unprepared for the future, and with half the savings they had expected for retirement, the study showed.
    Sun Life, one of Canada's largest insurers, and Harris said a survey of 701 adults in the United States showed that 22 percent of all retirees had been involuntarily retired several years before they had anticipated, and 69 percent had to change their lifestyle as a result. About 55 percent were ineligible for Social Security when forced out of work.
    Layoffs and downsizing accounted for nearly half of all forced retirements, with illness and injury the second biggest cause. Ten percent of women said family obligations were the reason, while 2 percent of men did.
    http://news.yahoo.com/s/nm/20061213/..._retirement_dc

  2. #2
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    This is a huge problem now and especially in the future. Most people, even if they were allowed to work until age 60, do not have the money to support themselves in retirement, just about everyone these days is being encouraged to plan for working well into your golden years, healthcare costs are skyrocketing and it is impossible to plan for those costs 20-30 years from now, people are living much, much longer, with no plan on how to avoid outliving their money, and most people are ill-prepared for the cost of long-term care if needed.

    It is very scary and I am only 37. We do have a considerable amount saved and of course will continue to save, but I always have the worry that it will not be enough.

  3. #3
    Hit By Ban Bus! pacific breeze's Avatar
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    I think there has to be a realization among people in general that monster homes, owning several cars, all the latest gadgets and toys is NOT what life is all about. Take away the excess spending and a lot of people would probably be able to save more.

    I've had to struggle myself as a result of losing a long-term job, although I'm nowhere near retirement, but it is amazing how little you really need to survive and even enjoy life. I've had my consumerist days but now I'm shocked that people literally freak out if they can't buy PS3 or some damn thing. Whatever happened to reading a book? Visiting a friend? Those things will always be more important to me.

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