80 Is The New 60

When it comes to retirement, 80 is the new 60.

Running out of money in retirement is scaring the hell out of record numbers of older workers, forcing them to stay in the workforce.

Now 80 is the new 60 when it comes to retirement. Many older workers who finally clock out have sharply underestimated their financial needs in retirement, raising the specter of personal financial disaster.

“Most clients are about to turn 60 or right after it, preparing for retirement, and their concern [is]: Are they going to have enough money to live through retirement?” said Jeff Speight, a financial planner and manager at Tanglewood Wealth Management. “Their main problem is, they don’t understand what to do.”

By putting off retirement the Baby Boomers are a large reason for the high levels of unemployment for those looking to enter the workforce. According to the latest Bureau of Labor Statistics the rate of joblessness in people 20- to 25-years old is 12.5 percent, twice the rate of people 25 and older.

By: Alan

Alan Colmes is the publisher of Liberaland.