This is bad news!

The National Post from our neighbor to the north has a report that North Americans are postponing retirement because of the economy.

More than half (54%) of Americans are postponing Retirement by at least a year and 24% say they will work at least five extra years, according to a survey from the U.S. division of Sun Life Financial. In Canada, a similar survey released Wednesday from the same firm showed almost half of working Canadians aged 30 to 65 plan to work beyond the traditional Retirement age here of 65. That’s a departure from the average retirement age of 61 that has been the norm until recently. The reason is of course uncertainty about having enough money to retire “comfortably.”

The author makes a statement in conclusion that should give baby-boomers and beyond the heebie-jeebies.

Increasingly, I’m seeing various financial institutions backing off the whole concept of Retirement, at least one suggesting that the very phrase “Retirement” needs to be retired.

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