Half of Older Adults Surveyed Plan to Put Off Retirement


saving pix

We're nearly three years into an economic recovery yet an increasing number of older Americans are still tapping into their retirement funds and pushing back their retirement date.

A Bank of America  survey of 1,000 working Americans in April (nearly 700 of them were age 51 and older) found that people were more pessimistic about their financial futures compared with two surveys in 2011. Respondents, who had between $50,000 and $250,000 in 401(k) plans and other assets, were asked about their spending habits, financial decisions and lifestyle in the aftermath of the recession, which despite today's continuing high unemployment officially ended in 2009.

Among the highlights:

- 57 percent say they're pushing back their retirement date, compared to 42 percent of those who said that in a January 2011 survey.

- 34 percent admit to tapping into their long-term savings or investments to meet short-term financial needs, up from 27 percent in a November 2011 survey.

- 28 percent of respondents aged 51 to 64 say an  adult child has returned home or is expected to move back in.

At the same time, the survey suggested that people recognize they've got to do better in how they   spend and save.  In the April survey,  more people say they plan to focus in the next six months on budgeting (85 percent, up from 67 percent in November) and on stashing money away for retirement (68 percent, up from 49 percent in November).

Many said that to improve their financial situation they're willing to cut back on entertainment and personal luxuries (61 percent), trim day-to-day expenses (56 percent) and keep the same car longer than they'd like to (49 percent).

Long-term finances posed the greatest concern among respondents, including the rising cost of health care (89 percent), ensuring retirement assets last through their lifetime (83 percent), and being able to afford the lifestyle they want in retirement (80 percent).

Photo credit: 401K via flickr.com

Search AARP Blogs

Related Posts
December 13, 2016 03:31 PM
This is a wonderful time of the year to relax, recharge and refocus before the new year begins. It’s also an ideal time for family and friends to gather to catch up, and for you to reflect and begin to focus on your 2017 goals, particularly as they relate to your career. Whether you’re employed and searching for a new job or unemployed and seeking a job, now is the perfect time to develop your execution plan. Here are a few pointers to help you get focused and stay ahead in your job search.
September 08, 2016 03:31 PM
Are you seeking a career change or a new job? If so, plan to attend  AARP’s Virtual Career Fair, Sept. 20 from 11 a.m. to 4 p.m. ET. The fair will feature employers from across the country.
March 11, 2016 10:58 AM
Are you looking for a new job or considering a career change? Many experienced workers share the sentiment that navigating today’s job market is not as easy as it was perhaps 20 years ago. In the world of social media and job hunting online, it can become even more difficult to navigate the myriad social and professional platforms. It may require you to regroup, get reenergized and rework your job search plan.