US Workers Delaying Retirement

The U.S. division of Sun Life Financial releases the latest edition of its UnretirementSM Index, revealing 65% of American workers will delay their retirement by at least one year, an 11% increase since the end of 2008. The Index also indicates that 27% of Americans now believe they must work at least five years longer than expected due to the weakened economy.

Sun Life’s current research also shows more US workers plan to remain in the workforce past the traditional retirement age of 67. Of those surveyed, 55% plan to work full- or part-time at 67, and another 28% across all age groups are planning to work full time past the age of 67.

The Index also reflects deepening concerns among American workers about their planning and overall confidence levels regarding retirement. Only 28% of US workers are now very confident that they have done a good job preparing for retirement. In addition, only 22% are very confident that they will be able to take care of medical expenses and 40% are very confident that they will have enough money for basic living expenses in retirement. Overall, less than one-in-four workers are very confident they will be able to live the kind of life they want in retirement, according to Sun Life.

Posted by RecruitingTrends.com on October 26, 2009. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry