Forty percent of U.S. workers delay retirement: poll

NEW YORK Tue Oct 5, 2010 1:51pm EDT

Katharine Roberts (R), 82, and Nelly Falcon, 77, sit at the Canaan Senior Service Center in New York February 10, 2009. REUTERS/Shannon Stapleton

Katharine Roberts (R), 82, and Nelly Falcon, 77, sit at the Canaan Senior Service Center in New York February 10, 2009.

Credit: Reuters/Shannon Stapleton

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NEW YORK (Reuters Life!) - Forty percent of U.S. workers are planning to delay their retirement due to concerns about outliving their savings and fears of rising healthcare costs, according to a survey released Tuesday by consultants Towers Watson.

Fifty-nine percent of workers who plan to delay their retirement cited the need to keep their healthcare coverage as a reason, while 56 percent also blamed the decline in the value of their employer-sponsored retirement plan.

The majority of workers who plan to delay retirement expect they will have to work for at least three years more than originally planned.

The survey of more than 9,000 workers conducted in May and June this year found that two-thirds of respondents are paying off their debts -- nearly double the number the company reported in its survey in early 2009.

More than half of respondents have also cut back on their daily spending, the survey found.

"The economic crisis has had a deep effect on employees' attitudes toward retirement and especially on risk ... workers continue to have a fear that they won't be able to afford retirement," said David Speier, a senior retirement consultant at Towers Watson.

(Reporting by Helen Kearney, editing by Matthew Lewis)

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Comments (7)
Gotthardbahn wrote:
Private sector workers haven’t been able to afford retirement for many years. A prolonged equity rally and house price rally masked that reality until recently.

Public sector workers, on the other hand, like, no problem EH. This disparity will become increasingly evident in years to come and will be a major political problem.

Any political party recognizing this and responding to the needs of the middle class employed by the private sector will see votes in return. Lots of votes. How come I think the GOP will be the beneficiary, and not the public-sector-favouring, union-sucking, high-tax-friendly Democrats?

Oct 05, 2010 2:35pm EDT  --  Report as abuse
johnnyjr wrote:
The GOP should stop talking about killing/privatizing Social Security if they want to benefit from middle class votes. I’m 41 and not ever planning on being able to retire.

Oct 05, 2010 4:51pm EDT  --  Report as abuse
mnjr wrote:
All the politics in the world, along with the IMF, CFR, etc won’t fix what is broken. Time for the second American Revolution. Let’s get started…..if interested please comment.

Oct 05, 2010 7:37pm EDT  --  Report as abuse
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