Friday, October 16, 2009

When Early Retirement Is The Only Option

By Quang Nguyen

Many people have their life plan mapped out since they are in their 20s. People like artist Richard Freund knew that he would work until he was 70 years old while his wife, a psychotherapist planned to work until she turned 62. They planned how their retirement was going to be with all of their investments and work benefits. And then came the recession. People just simply can't find work. For the more educated and wealthier group of people, things might come easy as they have the resources to work out a deal somehow, but for the majority of the labor market, things do not look too well. For many of them, retirement is the only option. It is a terrible situation to be in, but there is nothing they can do about it.

People are feeling scared. This is the first time since the great depression that put people into this situation. Some might try to find another job and get back to work. Most economists would suggest people to try to find another job to get that extra income that they don't have. Some are thinking of getting their social security benefits. However, they must work at least 10 years in order to qualify for the benefits. One good thing about the social security system is that they adjust the money amount into today dollar. For example, if you earn $5,000 in 1967, it will be $39,000 today.

The government is also doing its best to improve the situation. In October, President Obama called for Congress to approve $250 payment to as much as 50 millions seniors to make up for the fact that Social Security will not increase next year. The White House estimated that the cost to this plan will be $13 billion. Although $250 might not be that much, it would really help those who are in trouble. Although the result of this program is not yet to know, it sure would calm people down and support them through this difficult time.



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