Postponing Retirement?

Are you thinking about postponing retirement? Many are having second thoughts now that property values and stocks have declined so drastically.

After spending many nights in the past, discussing and reviewing one’s financial status for life after work, they now find there isn’t enough left in retirement savings to live the life they had planned.

Another factor in postponing retirement is the trend of employers to cut back on health care coverage for retirees. Health cost weigh heavily on those thinking about retiring and in some cases losing those employer payments that have been taken for granted. Going it alone is extremely costly.

An AARP survey in April revealed that about 20% of those whose ages were between 55 and 64 said they planned retirement due to shrinking portfolios. In the age group 45 to 54, about 25% were thinking about postponing retirement.

Working longer is something that is happening to many over55ers as they experience tumbling stock and home values. It is projected that by 2014 the number of workers 65 and older will grow by a whopping 74%.

On the bright side, workers who stay employed after full retirement age will continue to benefit from an increase in their future social security checks.

Would now be an excellent time to begin a home based business to help offset some of those lost 401 (k) funds and other monies saved for retirement?

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