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Workers Say Employers Getting Stingy on Pay, Benefits

Posted By Carole Fleck On March 26, 2014 @ 4:01 pm In Work Matters | Comments Disabled

Ready, set, retire [1]If the economy’s improving, why do workers say that their employers are getting stingier [2] with pay or benefits, possibly compromising their financial security [3] now and in retirement?

In a survey of 5,070 U.S. workers, 76 percent said their company made one change or another in the last two years that weakened their retirement benefits [4], reduced pay raises, increased out-of-pocket health care costs [5] or premiums, cut back on hours, laid off workers or involved a major restructuring.

The survey, conducted by the business consultancy Towers Watson and released Wednesday, also found that only 34 percent of workers expect to be better off in retirement [6] than their parents.

>> Sign up for the AARP Money newsletter [7]

Maybe that’s why 73 percent say they expect to retire at or after age 65. Fully 24 percent are waiting until they’re 70 or older to say farewell to their bosses. And 7 percent say they’ll never retire.

Even though many say they plan to retire, that doesn’t mean they think they can afford it. Among workers 50 and older, only 24 percent say they’re very confident they’ll be able to finance the first 15 years of retirement. Almost as many, 19 percent, say they aren’t too confident they can foot the bill.

>> Get discounts on financial services with your AARP Member Advantages. [8]

Want to read more? Click here [9] for the report.

 

Photo: AnsonLu/iStock [10]

 

Also of Interest

 

See the AARP home page [15] for deals, savings tips, trivia and more

 


Article printed from AARP: http://blog.aarp.org

URL to article: http://blog.aarp.org/2014/03/26/workers-say-employers-getting-stingy-on-pay-benefits/

URLs in this post:

[1] Image: http://blog.aarp.org/wp-content/uploads/2014/03/iStock_000024332132Small.jpg

[2] stingier: http://blog.aarp.org/2014/02/10/aol-reverses-401k-policy-after-blowback/?intcmp=AE-BLIL-BL

[3] financial security: http://blog.aarp.org/2014/01/23/tools-to-shore-up-retirement-savings/?intcmp=AE-BLIL-BL

[4] retirement benefits: http://blog.aarp.org/2014/03/06/is-your-employer-shortchanging-your-401k/?intcmp=AE-BLIL-BL

[5] health care costs: http://blog.aarp.org/2014/03/07/employers-shift-more-health-care-costs-to-workers/?intcmp=AE-BLIL-BL

[6] retirement: http://blog.aarp.org/2014/03/21/youre-over-50-now-what-carrie-schwab-pomerantz-tells-you/?intcmp=AE-BLIL-BL

[7] >> Sign up for the AARP Money newsletter: http://www.aarp.org/online-community/people/subscribeFromEmail.action?id=29636&intcmp=ILC-EMAIL-SUB-MONY

[8] >> Get discounts on financial services with your AARP Member Advantages.: http://www.aarpfinancial.com/content/aarpfinancial/home.html?intcmp=AE-BL-MON-DISC

[9] Click here: http://www.towerswatson.com/en/Insights/Newsletters/Americas/insider/2014/workers-still-uneasy-about-financial-security-and-retirement

[10] AnsonLu/iStock: http://www.istockphoto.com/stock-photo-24332132-ready-set-retire.php?st=172b030

[11] Improving Economy? Not For The Long-Term Unemployed: http://blog.aarp.org/2014/03/26/improving-economy-not-for-the-long-term-unemployed/?intcmp=AE-ENDART1-BL-REL

[12] Yellowstone National Park and 9 Other Budget-Friendly Trips for 2014: http://travel.aarp.org/articles-tips/articles/info-02-2013/affordable-vacation-ideas-2013.html?intcmp=AE-ENDART2-BL-BOS

[13] Get free assistance with tax-return preparation from Tax-Aide: http://www.aarp.org/money/taxes/aarp_taxaide/?intcmp=AE-ENDART3-BL-ADV

[14] Join AARP: https://appsec.aarp.org/MSS/join/application?keycode=U9ZTPH9&intcmp=AE-ENDART3-BL-MEM

[15] AARP home page: http://www.aarp.org/?intcmp=AE-ENDART3-BL-HP

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