Friday, February 5, 2010
For Older Workers, a Reluctant Retirement
Many people near retirement are feeling "forced" to retire early. Unemployed workers ages 55 to 64 has almost tripled since the recession started. These people have been left with no choice but to dig into their savings to be able to make ends meet. The outlook is predicted 378,000 workers will be pushed to retire due to the weak labor market. It is a problem to retire earlier than planned because they will receive less benefits if they retire at age 62 instead of 65 for example. Also, people who draw from their Social Security benefits before intended risk penalties. What are those close to retirement to do when they are forced out of work and do not have the money to support a standard of living?
Subscribe to:
Post Comments (Atom)
1 comment:
This problem is causing a lot of people to be unemployed. It is unfortunate for those who have worked hard all their lives but may have to take retirement early due to the bad job market.
Post a Comment