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On December 19, 2014, Posted by , In Home Care, By ,,, , With Comments Off on Home Care and Caregiving Services in Farmington Hills, MI

Economic Woes Force Seniors to Continue Working Past Retirement

Federal Reserve Chairman Ben Bernanke is poised to give a speech this Friday in front of academics and policy makers gathered for an annual forum, but an article in the New York Times warns that he is unlikely to make any earth-shattering comments—particularly in regards to the finances of America’s aging population.

This doesn’t bode well for seniors who find themselves foundering as they try to discover ways to finance their retirement.

According to a recent survey conducted by the Transamerica Center for Retirement Studies, almost 40% of the American workforce has steeled itself against the possibility that they may not retire until they turn 70—if they able to retire at all. This statistic is likely a reflection of the discrepancy that exists between the estimated $600,000 average amount needed for retirement and the fact that only 30% of survey respondents had at least $100,000 in savings.

Will You Have Enough Money to Retire?

The Fed’s decision to keep interest rates hovering around zero percent through the year 2013 has also dealt a serious blow to the retirement plans of many seniors, effectively pushing them towards riskier investments more subject to the whims of an increasingly volatile market.

Yahoo News reports that, as more seniors attempt to squeeze a bit more money out of an unsteady economy, they may also be slowing its recovery—making their financial situation even more tenuous. A paper written by the San Francisco Federal Reserve Bank says that boomers selling their stocks to supplement inadequate retirement funds may be effectively stymying the economic healing process of the U.S. market.
Source: agingcare.com

Contact Pure Home Care Services at (586) 293-2457 today! If you live in Farmington Hills or the surrounding area, we can help you care for your loved ones.

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