Monterey, CA Current Retired Population 59, But Only 6% Of American's Now Believe They Can Retire Before The Age of 60

View From A Non-Profit Serving Carmel, Carmel Valley, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California

I've written many times on my blog about how incredibly expensive it is to live on the Monterey Peninsula, one of the most expensive places in the country to retire.  A recent study by Northwestern Mutual, an insurance company, found that 32% of the American population expects to still be working into their 70's, while 10% expect to be working into their 80's.  The average age that people now expect to retire has risen to 68, which is a full 9 years older than the average age of the current retired population (59 years old).  About 51% of those surveyed believe they're less financially secure than they thought they would be at this age, and only 5% think they can retire before the age of 60. A large chunk of the population says they'll have to work longer to build up their savings because their retirement funds have dwindled, they've been laid off or they have poor health.  The problems are numerous and an enormous burden on the public. "The incredible contrast between how long people expect to work, and how financially prepared they feel to live long lives, dramatically underscores how far behind people feel in their financial planning, Greg Oberland, EVP of Northwestern Mutual, said in a statement.   We hear this theme consistently when talking to seniors on the Monterey Peninsula.  Many can't afford the basic necessities like food and medication following the recession.  Although the stock market recently has soared, many seniors got burned so bad during the recent downturn that they put all of their money into safe investments and missed out on the bull market.  It's an unfortunate situation because senior services for low income residents have been cut dramatically.  Please click on the donate button above if you can afford to help some of these people.

Please note that this blog reflects my personal opinion and may or may not reflect the opinion of Hands to Help Seniors and the individual members comprising the Board of Governors.