Stock market slide causing people to delay retirement
Monday December 8, 2008
I wouldn't call it unexpected, but a just-released Bank of America survey finds that "Despite Tightening Their Wallets, Americans Are Further from Achieving Their Retirement Goals Amidst Weakening Economy."
Among the survey's results:
How has the stock market slide changed your thinking about retirement or are you proceeding with the same plan?
- 60% if Americans are spending less than they were three months ago as a result of the current economic climate.
- However, even with this decreased spending, more than half (51%) of the general public and 40 percent of affluent Americans are also saving less than they were three months ago – with approximately one in five citing that they’re saving “much less.”
- In light of recent economic turbulence, many Americans (43%) believe they now face more years in the work force than they expected to one year ago.
How has the stock market slide changed your thinking about retirement or are you proceeding with the same plan?
I am sticking with my plan with two adjustments: (a) shifting some cash from investments to mortgage payoff to get the sure thing return and (b) trying to develop some additional income streams that can carry over into retirement.
Nice information has been shared. The analysis is good and useful. I think long term investments would fetch them in the long run.