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Old 03-02-2013, 05:25 PM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,367 posts, read 8,587,339 times
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Or has the recession affected your retirement at all? Living here in an area with a lot of seniors and retirees, am struck by how many have returned to working, often P/T, and usually in entirely new fields (oftentimes more physically demanding ones). And rather than relocating elsewhere for their retirement, a surprising number complain of being "stuck", saddled with underwater mortgages they can't sell or get out of, short of a default. And some have even ended up taking their grown kids back home (often with kids of their own).

Has the recession affected retirees much in your area?
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Old 03-02-2013, 05:30 PM
 
Location: North Beach, MD on the Chesapeake
33,883 posts, read 42,105,179 times
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My plans not at all. The only fly in the ointment is that I haven't had a raise (not even a COLA, I'd topped out in steps) in six, no seven, years which predates the recession in any event. That is impacting my final pension numbers. As a note, in my nearly 30 year teaching career the School Board has abrogated our contract as it relates to pay for 18 of those years, something allowed in MD school law.

As far as current retirees go I know very few who are less than 80 or so and they ***** about everything anyway.
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Old 03-02-2013, 05:38 PM
 
5,392 posts, read 6,532,509 times
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I probably should logically work longer, but physically and workwise (cutbacks) I will probably no longer work fulltime with my current employer within a year. Then I will out and out retire. May pick up some part time work.

the single thing that would help me as far as this recession goes if the housing market picks up here in FL and I could sell my underwater house coming out on the good end.
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Old 03-02-2013, 05:59 PM
 
Location: Chicagoland
1,802 posts, read 1,652,666 times
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No change for me, but the answers should vary. There won't be a consensus to the broad OP question:
  • Those relying on pensions mostly shouldn't be affected much, whether they retired before or after the 2008-09 meltdown.
  • Those not relying on pensions and not yet retired shouldn't be affected much if at all. If they rode out the downturn with the same asset allocation and periodic rebalancing, they've more than recovered financially by now - I know many who did fine. I also know some people sold at the bottom or on the way down and missed out much of the market recovery since, that's unfortunate but the perils of trying to time the market - unfortunately I know some in this group too, most are still working, postponing their plans. 'Those who don't know history are condemned to repeat it...'
  • Those not relying on pensions who retired within a few years before the meltdown without a significant $ cushion may have been punished by the unlucky sequence of returns, and may have had to supplement their incomes with employment.
Whether one has been affected or not should depend on which group they're in.
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Old 03-02-2013, 06:08 PM
 
71,520 posts, read 71,694,121 times
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Still on track here. A few bumps in the road but still very much on target.
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Old 03-02-2013, 06:17 PM
 
Location: San Antonio
7,629 posts, read 14,377,206 times
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I'm on track for retirement as planned, but DH will be working a couple more years than planned before.

Both have pension programs for retirement, as well as TSP accounts, so hoping for the best. As long as we can afford a little glass of wine and a rocking chair on the front/back patio and have each other to enjoy growing old with, life will be good!
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Old 03-02-2013, 07:12 PM
 
Location: Virginia
18,717 posts, read 26,905,338 times
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I retired a little earlier than expected because my company moved to a new city and changed the type of work they were doing. This was partly due to the recession, so I guess it counts. My husband's retirement date keeps changing, but that's due to a lot of reasons and not really the recession.
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Old 03-02-2013, 07:17 PM
 
Location: Sierra Nevada Land, CA
8,393 posts, read 9,139,362 times
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Planned to retire at age 62. Now planning to retire at age 67 (four years).
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Old 03-02-2013, 07:21 PM
 
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And the reason?
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Old 03-02-2013, 07:29 PM
 
797 posts, read 1,127,110 times
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I retired in 07 but was unable to relocate til 2012.
My son decided he wanted to buy my farm and selling his new house in 07 was affected by the housing crash.
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