Economy Is Worst They’ve Seen, Say Americans Over Age 60
September 20, 2008
More than half of Americans over age 60 say current economic conditions are the worst they’ve experienced, but they haven’t rushed to withdraw retirement funds, according to a new poll from the MetLife Mature Market Institute.
A majority are not changing their retirement plans based on the market downturn, the poll showed. About 73% said they would not postpone their retirement date, while only 16% said they are withdrawing or plan to withdraw more from their retirement funds than they originally planned.
“While there have been serious economic downturns in the past, it is clear that this group of people over 60 feel particularly vulnerable during this time of their lives,” said Sandra Timmermann, director of the MetLife Mature Market Institute. “Yet, it appears that they are not, at this point changing their longer range retirement plans.”
The survey found that 87% of respondents are spending less, while another 70% are cutting back on essentials like food and transportation. Timmermann said that a reassessment of finances and long-term planning may be crucial since retirement can last 30 years.
“We discovered an increased appreciation of Social Security among one in five of the respondents,” she said. “It is apparent from this data that, as a result of a volatile economy, many older Americans better understand the importance of guaranteed income.”
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