We haven’t saved enough, too many of us retire without financial security, and we may need to work longer to achieve it — assuming we can hang onto our jobs or find new ones. No wonder that workers and retirees are more pessimistic about their future prospects than they’ve been in years.
“It didn’t feel right to be back in until now,” said Richard Dukas, who heads a public relations firm in New York City. “I still don’t want to put all my money in the market, but I believe we’ve come through the worst of it.”
Many of us are like Bill Murray’s weatherman in the movie Groundhog Day, when it comes to managing our own money. We’re searching for a way to break through repeating the same financial mistakes and reckless habits.
“The situation is extremely serious because baby boomers have not saved very effectively for retirement and are still retiring too early,” said Olivia Mitchell, director of the Boettner Center for Pensions and Retirement Research at the University of Pennsylvania.
It’s unusual to feel financially well prepared for retirement. That’s due partly to the poor performance of stocks over the past decade. But mostly it’s due to not socking enough money away.
It took guts and good planning to decide to retire in the middle of the deepest recession in decades. Even so, those who did felt flickers of self-doubt when the stock market crumbled around the time they banked their final paychecks.
Paul Skidmore’s office is shuttered, his job gone, his 18-month job search fruitless and his unemployment benefits exhausted. So at 63, he filed for Social Security benefits, three years earlier than planned.
It’s been a harrowing ride in the stock market lately. So much so that it’s prompted scores of investors to pull money out of the market and park it in bonds or other fixed-income assets.
Staying on track to a comfortable retirement isn’t only about taking care of your finances and your health. It might involve taking care of your parents, too.
By David Pitt DES MOINES, Iowa — What happens when the government considers tinkering with retirement accounts and asks for citizen input? It gets plenty. Government officials began...