It’s no surprise that millions of Americans are under prepared for retirement. I get told at least once a week, that they plan to continue working. On paper that sounds like a great idea, but you might be unaware that you may not be ABLE continue working. I am not talking about getting injured or becoming disabled. The landscape is changing and where older employees were once regarded as a company asset, many have now become liabilities. Companies are buying out higher paid employees at an alarming pace in the name of profit. The workforce is changing and becoming ever more competitive. When the economy hits a speed bump like we are experiencing today, the highest paid are encouraged to take the “golden parachute.” It typically means two years of severance pay and a kind letter from Human Resources. No more, no less.
From personal experience, my dad is 63 and even with all the education, certifications, not to mention the years of experience, it was difficult for him to find solid employment. They didn’t tell him to his face, but they are looking for someone younger, less experienced and most importantly… cheaper. High level jobs are being combined with lower level jobs, but compensated at the lower bracket. Here is a recent story on Yahoo that talks about job compression today.
So we have come full circle here. If you don't have enough to retire and you can’t just work longer, what can you do? The simple answer is positive financial choices today that will allow you to enjoy your golden years on your own terms. And if that doesn’t happen, Wal-Mart is always going to need “greeters.”
Wishing You Wealth in all its Greatest Forms
Alex
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