Benny here. I recently read an interesting report by the Employee Benefit Research Institute that showed more and more people are delaying retirement.
Since 1993, American's aged 55 or older who were in the work force has increased from 29.4 percent in 1993 to 39.4 percent today.
The study attributes higher cost of living, higher medical costs and lowered benefits as some of the reason for the delayed retirement.
The study also summarizes, "While some older Americans have a greater need to work to help make their retirement assets last longer or to continue to build up assets, monetary incentives are not the only motivating factor."
I'm one to talk...I'm still on the job after more than 230 years. But I'm interested in your story. If you are delaying your retirement, what's your primary reason?
Let me know by commenting here.
I enjoy working, but with USPS' uncertain future I would retire if my monthly allotment were more. Currently, it would barely cover the health insurance premium. And that goes up every year!
Age 61, CSRS, with over 32 years. Yes, I too am delaying retirement because of an uncertain financial future. CSRS is subject to congressional whim and that is plum scary. I would like to retire but it will take a hefty buyout.
We saw this coming about 5 years ago...so we made new financial plans. We increased our house payments (nearly double)and now we will be paid off in just two years...then we are going to really focus on builing our thrift savings and IRA's. I have 8 years to go to retirement. Right now I'm just praying that the USPS will still be here in 8 years and my job is still here! To answer the question, no we will not delay our retirement simply because of the situation....we are well planned for retirement now and will retire when we reach that time.
I would have loved to take the early retirment offers since I was eligible. Unfortunately I am starting over at age 55 because of a divorce. So it will probably be another 10 years until I can retire now. I have a decent amount in TSP that I hope will grow and I hope to move into a higher level position so my "high 3" will yield a higher pension. If USPS offers a good incentive that would pay for schooling to learn a new trade I might consider retiring and starting a second career. I also worry that there may be cuts to reitrement benefits if USPS faces the large deficit it is predicting in the future.
I wish I could retire but I am only 53 with 24 years service. With FERS my main income comes from SSA and I cannot get that until I am 62 or 66 years of age.
I have over $40K of sick leave banked so I must wait the 5 years to get all that money. I actually like working for the PO and love my job. Even with the future unknown, I look forward to coming to work.
My mom worked until she was 77, was already able to make as much income as desired (after 75 your income doesn't affect you S.S.)and then after 3yrs of living the retired life & now @ the age of 80, she says "retirement is BORING!!" so she recently went back to work @ $10/hr 40/hrs/week. I'll probably follow in her footsteps because I CAN'T AFFORD to retire...IF & when I do retire @ 68 or 70 y/o, I won't care HOW BORING it might be!!
I will retire when my 5 years are up. it is getting scary that there might not be to many jobs out there.i like working for the postal service, but as soon as i can retire i will and let our younger generation a go at it. they need work also
I'm 60 and have been eligible to retire since I was 55. However, I am delaying retirement because I have an 8th grader! Will work til at least Social Security age, but probably til child graduates from high school.
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