Change of Retirement Date?

[Ricardo]

I've been hearing about some people who've had to work longer than planned because of failing retirement funds, or changes in the economy in general.

Has anyone here changed their plans in order to accommodate the present economy or their retirement funds?

I'm sneaking up on 50 at the moment, but I may be taking an early pension from one of the unions I'm involved in, depending on my finances in a few years.

[Michael]

Hey, Rick!

I'm not from Canada so my knowledge may be limited in the differences but i would think there are a lot of similarities here in the States. I would say that lack of retirement funds in retirement has been a trend for quite some time. The fact that more and more of peoples' retirement is moving from pensions to company 401(k) plans and stock option plans has given way to the horror stories of late especially from company debacles like Enron or the financial turmoil of American staples like GMC. So to answer your question directly i think it is a sounding "YES" that more an more people will be pushing their retirement date out (working longer) so that they can maintain the same standard of living in retirement as they are accustomed too. Either that or there needs to be some radical shifts in spending.

[DianaR]

Originally Posted by Redd

Hey, Rick!

I'm not from Canada so my knowledge may be limited in the differences but i would think there are a lot of similarities here in the States. I would say that lack of retirement funds in retirement has been a trend for quite some time. The fact that more and more of peoples' retirement is moving from pensions to company 401(k) plans and stock option plans has given way to the horror stories of late especially from company debacles like Enron or the financial turmoil of American staples like GMC. So to answer your question directly i think it is a sounding "YES" that more an more people will be pushing their retirement date out (working longer) so that they can maintain the same standard of living in retirement as they are accustomed too. Either that or there needs to be some radical shifts in spending.

I agree! In fact many people will never completely retire. I see "semi-retirement" being the norm.

[Michael]

Originally Posted by DianaR

I agree! In fact many people will never completely retire. I see "semi-retirement" being the norm.

Yes, more of a transition to something part-time maybe that gives you purpose and brings you more happiness. You might not get paid a lot to do it but you enjoy doing it and it supplements your retirement income.