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Is 80 The New 60 For Retirement?

Is 80 The New 60 For Retirement?

When it comes to your retirement, it looks like 80 might be the new 60.

For those of you thinking about retirement this trend might be troubling. More workers are putting off retirement; some until their 70's or even 80. Financial planner Bill Dendy explains why.

“They finally, at about 55, start to wonder if retirement is going to work out. They see a scary picture. They see that they are going to run out of money before they run out of life,” Dendy told KTRH.

And why didn’t they start saving until it was late in the game?

“Because they’ve been busy with life; raising their kids, paying off the mortgage and making sure they don’t get laid off,” Dendy stated.

So they stay in the workforce, and Manpower's Gerry Burns says in Houston, that's not necessarily a bad thing.

“For a lot of companies it’s a saving grace, especially here in Houston. The oil and gas companies were seeing people leave in droves a decade ago,” Burns told KTRH.

Burns says those companies actually want older, more experienced employees.

“It’s their knowledge. There is an opportunity for them to stay until they are 80 if they want to,” Burns explained.

However, there is a drawback. Unemployment for people between 20 and 25 years old is now 12.5 percent double the rate of those 25 and older.

 

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