When Kathy Corrigan, 64, was let go last September from her job with a trade association, she already had begun to think about retiring after a 25-year career as a meeting planner.
But when she sat down and looked over her savings, she realized the 30 percent hit she took from the market meltdown meant her shrunken nest egg wouldn’t go far enough.
“The numbers just were not crunching right,” she said. “I don’t think I ever intended to fully retire. But it’s definitely not an option now — at least not for the immediate future. I’m still hoping that it will be no more than 5 years, but you have to continually reassess.”
Even before the collapse of the housing and financial markets last year, Americans were woefully unprepared to pay retirement in the traditional sense of a post-career period of leisure and personal pursuits supported by a pension, well-managed nest egg and Social Security.
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This article once again emphasizes the importance of saving for your retirement as early as possible. Moreover, there is a crucial need to improve the US Retirement system. - Alma Zhumagulova
ReplyDeleteI feel that the struggle to save up enough by working longer is both good and bad at the same time. For the elderly, working longer will keep them active and thinking, which will reduce the chances of diseases like Alzheimers. Yet at the same time, not all elderly people are suitable for work and it would be hard for many to delay retirement, but are forced to do to diminishing retirement plans. - Jonathan Tse
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