Exploring the Link between Retirement Savings and Continued Employment
By Brenner Spiller & Archer, LLP | May 18, 2016
This is the second article in a blog series on seniors and retirement. Check out the first blog in this series, “Seniors Choosing Not to Retire because of Debt Struggles.”
Survey results from a 2015 Federal Reserve Board of Governors study indicated that current US workers earning less than $40,000 annually were far more likely to continue working as compared to workers earning more than $40,000 annually. This suggests just how strong the link is between financial security and willingness to retire. Anyone who is struggling to meet their financial obligations may find that it is extremely difficult to retire when they turn 65.
Of course, the truth is that many seniors continue to work well past the age of 65 because they simply enjoy the idea of going to work and contributing to society. For instance, a survey by the Center for Retirement Research at Boston College found that a majority of elderly people “want to stay involved” and that working is a way for them to do this. This is especially true for people who have obtained college degrees, with roughly 33 percent of people between the ages of 60 and 75 having some form of college education and subsequently electing to maintain employment in their later years.
It is also true that older workers are remaining gainfully employed these days because more and more employers want these workers to stick around. Many of these older workers have the requisite skills and experience to provide solid contributions at work. At the same time, a lot of employers might not want to spend the time or money needed to train new workers to replace the experienced veterans they already have on staff.
Although the opportunity is certainly there for many seniors who still want to keep working, there is also a cost associated with being forced to work due to lack of financial security. Alleviating debt problems now can give you options when you reach your Golden Years.
For additional information, see the Yahoo.com article, “‘I’ll Never Retire’: Americans Break Record for Working Past 65.”
If you are struggling with debt and need some assistance, whether it’s seeking out debt relief options or filing for Chapter 7 or Chapter 13 bankruptcy, you should talk to a qualified bankruptcy and debt management lawyer immediately. The experienced bankruptcy attorneys at Brenner Spiller & Archer, LLP can help you. Contact us today to schedule a free consultation.