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October 27, 2010

Americans now expect to work more years than originally planned

The turmoil of the past two years has taken its toll on American-worker optimism about the financial future. Nearly two-thirds (64%) of those responding to a Sun Life "Unretirement Index" poll last month said the current economic crisis will delay their retirement plans by one year or more — up from 54% in a similar poll in late 2008.

As noted in the graphic below, nearly one-third (29%) of respondents expect to delay retirement more than five years.

The survey also found that 70 is the "new 65," with just as many Americans expecting to retire at age 70 as at 65. Other findings: four in 10 respondents believe Social Security benefits will not be as generous in the future as they are now. More than a third think Medicare benefits will be reduced.

Sun Life defines "unretirement" as working at least 20 hours per week after the age at which one is eligible to receive Social Security benefits.

"Our latest Unretirement Index shows that American workers have surveyed the damage of the economic crisis and are coming to grips with how long it will take them to rebuild their savings and how long they will need to remain in the workforce in order to do so," Sun Life president Wes Thompson said in a news release. "The Unretirement Index demonstrates how low confidence levels are impacting the American psyche and details the changes Americans are making in their saving and spending habits as a result," he said.

So what are respondents doing about their concerns? The study found that 71% have cut their spending, 66% are reducing debt, and 46% are saving and investing more.

To help you engage the realities of retirement planning in today's economic environment, SMI has just published IRAs, 401(k)s, and Social Security: A Retirement Planning Primer — a free report that'll show you how to craft a plan for future financial stability.

Click here to learn how to get a complimentary copy.