subject: Lessons From The Unretirement Index - Work Longer, Downsize, And Save For A Better Retirement [print this page] If you want to ensure that your nest egg will outlast you when you quit the workforce, you'll have to work longer, in addition to having to downsize and save for a better retirement. Statistics from the Unretirement Index, as publicized by multinational insurance provider Sun Life, says that 55% of all older workers are considering full-time or part-time work - an increase of three percentage points from 52% last year. Those who want to work full-time two years after normal retirement age are also at an historic high of 28% from 19% in 2009.
The same index shows an abrupt increase in the number of employees who claim to plan working more years due to unstable economic and personal financial conditions. Those who plan to work a year longer than expected are at 65% - a 10% rise from last year's figures. In addition, 24% of all participants last year stated that they planned to work upwards of five more years after their expected retirement date, compared to 27% for 2010's index.
The numbers show that more people are definitely planning to work beyond their projected retirement age, with a significant percentage possibly planning to work well into their seventies. Of course, the reason for wanting to stay at work are obvious - they wish to accumulate more money in terms of savings and retirement account contributions, increase profit growth from their investments, and put aside drawing down from their retirement plans or accounts to improve future benefits and payouts.
Today, most average Americans are already remaining in the workforce longer than they predicted. There are many reasons for the move, including mental, physical, and other personal reasons (aside from the financial benefits). What you need to take away from the Unretirement Index is this - you'll have to work longer, save more money, and couple those strategies with a downsize on the retirement lifestyle you previously planned for.
by: Carina Smith
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