Bohemia, NY (PRWEB) February 01, 2013
On February 1, 2013, Savings2Income responds to a January 24th article by USA Today which discusses a trend that shows an increased number of Americans are remaining in the workforce and putting off retirement.
According to the article entitled “More Americans delay retirement, keep working” by Haya El Nasser, “the share of Americans 65 and older in the labor force went from 12.1% in 1990 to 16.1% in 2010, and the increase was larger for women, according to new analysis of Census data released yesterday.”
The article also stated that these delayed retirements are ”largely because they need the money, but also because they are healthy enough to keep working.”
While prospects for those seeking retirement by the age of 65 continue to look less likely, the article noted that retired RAND Corp. demographer Peter Morrison believes that it’s actually beneficial for the economy. Morrison claimed that older workers boost the Social Security fund and have more discretionary income.
The article also reports that the trend for later retirements is likely to continue. “The Census projects a 67% increase in the 65-and-older population between 2015 and 2040, when one in five Americans will be 65 or older.”
According to Jerry Golden, developer of the Savings2 Income retirement planning method, in responding to the article, “Congress and the Administration ought to take advantage of this trend by reforming and improving Social Security at the same time.”
That change would be to permit workers eligible for Social Security benefits to voluntarily delay retirement, or more likely, stage election of those benefits to match a gradual phased-in retirement. According to Golden’s calculations, this reform would save Social Security $200 to $ 400 billion over the next 20 years.
An innovative planning method created by Jerry Golden to benefit those recently retired and those soon to retire, called Savings2Income, provides a clear path to retirement security, by incorporating qualified savings, personal retirement savings and Social Security benefits into an integrated solution.