| March 31, 2014

More than Half of Workers Plan to Delay Retirement

This seems like a staggering amount – but it’s actually dropped.

It sounds bad: 58 percent of workers age 60 or older say they’re delaying retirement because they don’t have enough saved for their golden years. But it’s actually good news when compared to the dark economic days of 2010, when that stat was 66 percent.

Those are the results of a recent CareerBuilder survey of nearly 500 full-time workers over 60 years of age and more than 2,200 hiring and human resources managers age 18 and older. Brent Rasmussen, president of CareerBuilder North America, summed up the results this way…

“While achieving a secure retirement is still a challenge for many in the workforce, the survey does point to some positive trends. As retirement funds rebound and the economy improves, fewer workers are delaying retirement than at the height of the recession.”

One alarming trend is the gender gap: 71 percent of women are more likely to postpone retirement, compared to 49 percent of men – and 18 percent of women ages 60 and older don’t think they’ll ever retire.

Here are the most common reasons workers cited for delaying retirement. Not all are bad…

  • I can’t afford to retire financially: 79 percent
  • I need the health insurance/benefits: 61 percent
  • I enjoy my job: 49 percent
  • I enjoy where I work: 46 percent
  • I fear retirement may be boring: 27 percent

Gary Herman, President of Consolidated Credit, believes although the data is improving, there are still too many people not properly preparing for retirement…

“I understand the recession severely damaged many people’s ability to retire, but there are also stats revealing that a great number of people simply don’t plan for retirement. One study revealed more than half of Americans have less than $25,000 saved for retirement. That’s unacceptable.”

If you need help preparing for your golden years, paying down your debts, or would like expert advice on money management, call one of our certified credit counselors or get started online with our Free Debt Analysis.

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"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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