UnRetirement is defined as working at least 20 hours per week after the age when one is eligible for Social Security benefits.
The October Sun Life UnRetirement Index found more Americans are continuing to work past the traditional retirement age, less are financially confident and many will show their discontent by voting out incumbent seats.
Sun Life created the Index to learn more about the reasons why Americans are choosing to “UnRetire.” Key findings were:
80% of working Americans think it will take them at least 3 years to rebuild their retirement savings as a result of the economic crisis, up from 64% a year ago.
52% of workers think they’ll need to continue working for at least 3 years longer than planned.
20% of American workers think they’ll never recover their losses from the crisis.
“70 is the new 65”: The same amount of people think they’ll retire at 70, instead of the traditional age of 65.
42% are confident they will now be able to take care of basic living expenses in retirement.
Only 25% have strong confidence they will be able to take care of their medical expenses.
More than 50% say they plan to vote against an incumbent in mid-term elections, regardless of party, because of their financial insecurity.
The Index also shows Americans are reducing spending from cancelling vacations to delaying medical procedures:
77% are cutting back on holiday shopping.
72% are putting off a large purchase, such as a car or home improvement.
57% are canceling travel or vacation plans.
29% delayed a routine or elective medical procedure.
Source: Sun Life Financial
www.unretirementindex.com
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