Health Care Fear / Savings drives people to work longer

Two out of Five has said they will work longer , delaying their retirement date. This is due to a fear of Health Care costs and savings shortfalls.

They survey of over 9,000 people also showed that 40% planned to retire later than they did 2 years ago. Most responded that they will work at least another 3 years longer than they had planned.

Another point shown in the survey was that  almost twice as many workers are paying off debt than they were last year, and that almost twice as many are reviewing how much they need to save for retirement.

Half of all respondents cut their daily spending, while six in 10 over-50s delaying retirement cited poorly performing 401(k)s as a factor.

The economic downturn means more than half of all workers are willing to accept larger paycheck deductions in return for guaranteed retirement benefits, the survey found.

JZ