Still reeling from the economic turmoil of the past three years, many pre-retirees are pessimistic about their financial future, including when they will be able to retire.
A study from Hartford Financial Services Group has found that many pre-retirees have "no idea" when they will be able to retire (28.3% for ages 60 to 69 and 33.3% for those 70 and older) and 36% of those 60 to 69 said they are postponing retirement for up to two years or more. Nearly nine in 10 people in their 60s expressed concerns about having enough money in retirement, with more than half (55.4%) planning to work longer and put off retirement or work part time during retirement. Nearly half of those 70 and older (44.4%) said the same. About 17.4% of those between 60 and 69 said they never plan to retire. The results were released Thursday.
"The financial services industry — financial advisers in particular — need to reach out to their mature clients to help them get back on track," E. Thomas Foster Jr., vice president and national spokesman for Hartford's Retirement Plans Group, said in a press release.