Yes, the coveted retirement lifestyle may be seeing more cracks than once thought. Here are some statistics according to Sun Life Financial’s Unretirement Index 2009:
- 65% of workers are delaying retirement because of economic concerns. One thing to keep in mind is that most US citizens received Medicare – which is government health care — starting at age 65. Yet, even this benefit still keeps many on American payrolls. Even though Americans pay taxes into Medicare, they are realizing that this too may be slowly deteriorating in benefits.
- 38% are not confident in Medicare benefits. Get a better understanding on what Medicare Part A and Part B does and does not cover by going to http://www.gninsurance.com/medicare.asp or here at https://www.gninsurance.com/medicare-supplement-coverage-for-seniors/
- 40% of workers are very confident they will have enough money to cover basic living expenses but only 22% of seniors are very confident that they will be able to take care of medical expenses.
- Workers are getting more pessimistic about government benefits where 41% are not confident about the Part D of Medicare or the prescription drug benefit program the US government has created. Most seniors feel that the “donut hole” is too big and will get bigger.
- On a side note 42% are not confident in social security benefits and 58% of workers under the age of 60 do not believe social security will be available to them upon retirement.
In the end, the number of Americans who say they are going to have to work longer because of the financial crisis keeps increasing with each subsequent index find, and right now 27% say they are going to have to work five years more than what they wanted.