Retirement Complications Due To Inadequate Savings And Increased Life Expectancies
Aside from seniors and middle-aged people, even those under the relatively younger
age of thirty five are worried about retiring because of the recession. A recent poll conducted by the Chicago Tribune states that almost half of all employees under thirty-five years of age are worried that they might not have enough money to retire.
Tom Muldowney of Savant Capital Management who lives in Rockford, Illinois just outside of Chicago, says that financial market conditions that started a decade ago have caused stricter credit market guidelines, which in turn resulted in many unoccupied homes, as well as residences that have yet to be paid for.
Aside from ongoing economic woes, other factors such as low savings rates in the country are rendering many Americans incapable of retiring comfortably, says University of Illinois director Jeffrey Brown.
The increased life expectancies seniors are experiencing are giving these same people problems when planning for retirement. Many are entering retirement too early to possibly support themselves for two or three decades after quitting their day jobs.
Retirement, for some, may last as long as their years at work, says managing director Jeff Acheson of Schneider Downs Retirement Planning Solutions in Ohio. He likens today's retirement to an expensive vacation that can span thirty years - a period that a good percentage of retirees aren't prepared to support.
The savings of many Americans, or rather the inadequacy of what they've put away, can make their forthcoming retirements stressful. Even if the financial aftershocks of the recession are diminishing somewhat, the longevity of the average United States citizen has become an obstacle to obtaining ample retirement funds. You can prevent yourself from experiencing retirement failure by establishing a solid financial plan for your retirement, or improving your financial plans with the help of your financial planner or investment advisor.
by: Carina Smith
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Retirement Complications Due To Inadequate Savings And Increased Life Expectancies