Sunday, May 24, 2009

Retiree's Silver Lining to the Recession

There is a silver lining to the recession for retirees, according, to a newly-released study by Age Wave conducted by Harris Interactive. This means that you too can benefit from a recession.

The retirement study found "new fears, new hopes, and a new purpose for retirement" compared to a similar survey a year ago.

The good news is that many Americans have gone back to financial basics. The U.S. savings rate has increased to 4.2 percent, double that over the past decade, and household credit card debt has gone down 9.7 percent.

A new and in some ways more optimistic vision for retirement is emerging, with 60 percent of Americans viewing retirement as "a new, exciting chapter in life" compared to 52 percent a year ago. "We expected people to be disheartened (about prospects for retirement) but in fact they are not," said Ken Dychtwald, head of Age Wave.

Around 70 percent of Americans want to continue working in retirement as a way to contribute, remain stimulated and pay the bills.

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