postpone retirement

[sunshine]

Did you read in Maclean’s "What just happened to your retirement?" Do you think people should be forced to work longer and postpone retirement? With the market meltdown are we going to lose our savings?

[trent]

I'm sure that many Canadians will never able to retire. Although this is a sad fact, we still need to move forward and get rid of the huge amounts of debt burdening the average Canadian.

[Canadian]

Yes saving money and getting out of debt are the most important factors affecting one's financial health.

[dreamy]

Did you read in Maclean’s "What just happened to your retirement?" Do you think people should be forced to work longer and postpone retirement? With the market meltdown are we going to lose our savings?

I don't know what happened to other people's retirement savings but I know I have to work for many years to come to even think about saving money. The government tax us to death and then when it is time for retirement they give you peanuts. In Europe they pay high taxes but at least they have proper pensions...

[bullish]

I'm not planning to postpone my retirement, on the contrary I'm planning to retire earlier. Right know I see lots of bargains on the stock markets, which will be 2-3 times higher in a few short years. They will fund my retirement just fine :).

[Steven]

Not everybody can afford to wait out a few years - think about the people retiring this year or in the next two. Furthermore there is no guarantee that the stock market will recover even in 5 years. If things get worse from here, the stock market may get much lower in 5 years compared to today.

[Canadian]

You are right Steven. Imagine the total panic the baby boomer must be in, with the collapsing stock markets. They see their wealth evaporating at rapid speed, and the survival instinct takes over. From this point is only SELL, SELL, SELL.

[sunshine]

You are right Steven. Imagine the total panic the baby boomer must be in, with the collapsing stock markets. They see their wealth evaporating at rapid speed, and the survival instinct takes over. From this point is only SELL, SELL, SELL.

Yes, most people lost so much money on the stock market and their retirement savings disappeared... I'd hate to be a retiree at the moment. A lot of people can't even afford to retire.

[BankAdmin]

A lot of people can't even afford to retire.

I also think that many people will not only postpone their retirement, but won't be able to retire at all, which is really sad.

[Jason]

It will depend on your age. I still think if you are younger than 50, have a stable job and a solid savings plan, you'll be able to retire comfortably.

[Zephyr]

It will depend on your age. I still think if you are younger than 50, have a stable job and a solid savings plan, you'll be able to retire comfortably.

Who has a stable job and solid pension plan? - Government employees. If you are in the private sector you have to work much more to retire comfortably. With the financial crises more Canadians realize that they have to save more to be able to retire at 65. Some of us will not be able to do that. In your 20s you have student loans, in your 30s you have mortgage, than in your 40s you have kids to sent to college and you can really start saving when you are in your 50s; and lets not forget that our taxes are very high.

[francisford]

I plan to retire at 50, but it seems I need to postpone that for five more years. Although I am ok financially, I still need to secure a few more things.