Tanking Savings Force 60% of Working Seniors to Delay Retirement

March 18, 2009

This article is included in these additional categories:

Analytics, Automated & MarTech | Boomers & Older | Financial Services

Six-in-ten American workers (60% ) over age 60 say they are postponing their retirement because of the negative impact of the financial crisis on their long-term savings, according to a survey by CareerBuilder.com.

The survey of adults of all ages found that while the economic crisis is affecting nearly every segment of the working population, the over-60 group – which is closer to retirement – is being particularly hard hit. Declines in their retirement savings account balances are forcing many in this age group to stay in their jobs longer to make up for their losses, CareerBuilder said.

Key findings among those age 60+ who are putting off retirement:

  • One-in-ten workers (11% ) say that the decrease to their savings may now cause them to never retire.
  • 73% say it will take them up to six years of extra work to recoup their lost savings.
  • Nearly a quarter (24%) say they can make their money back by working an additional year or two.

“Mature workers may be feeling the pinch of this difficult economy more than others because of their impending plans for retirement,” said Jason Ferrara, senior career advisor at CareerBuilder. “However, their level of knowledge and experience and network of professional contacts will work to their advantage in a competitive job market.”

PrimeCB.com, CareerBuilder’s job site for mature workers, offers several tips for navigating through a difficult economy. These include keeping communication open with supervisors, watching market changes for areas of growth, adapting skill sets accordingly, networking, and staying resilient.

About the survey: The survey was conducted online by Harris Interactive on behalf of CareerBuilder. Respondents comprised 8,038 US employees (employed full-time; not self-employed; non- government) ages 18+. The survey was fielded between November 12 and December 1, 2008.

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