Financial Matters: More People Opting to Stay in Workplace Over Retiring

Courtesy: MGN Online

PRESQUE ISLE, ME-- An article in the publication Insurance Journal, cite a disturbing trend of more Americans opting to stay in the workplace because they can't afford to retire. Local financial planner Bryan Thompson of Thompson-Hamel, LLC. explains why by citing a lot of forecasting in the next few years that there may be some type of a recession or turnaround in the economy. He says the advice he often gives people is that its where you need to pull back on some of your spending and then look at some of those habits and continue putting money away for retirement.
As for people on the other end of the financial spectrum, Thompson says quote,"other individuals that may have been behind the 8 ball or are close to retirement or are even in retirement and relying on that money that they have set away than this time is probably the time to be more conservative and not be as risky with their finances because in the market turnaround they migth not be able to withstand that."

Thompson says its important to have a talk with your company...and maybe help be an instrument of change not just for yourself but others by helping create a retirement plan at your company.

Shawn Cunningham will have more on this story on this week's Financial Matters segment.