Study Shows More Americans Are Finding it Tougher to Retire These Days
(PRBuzz.com) April 5, 2012 -- grouplongtermcareinsurance.net
Minneapolis - A recent study conducted by the Boston College revealed that older adults in and around the United States are finding it tougher to retire these days. While early retirement was considered as a very popular option among Americans in the past decade, the study affirms that the number of seniors well past the age 65 who are still working is gradually on the rise.
These studies show a need for more American Seniors to planning for future healthcare needs by getting a free no-obligation Long Term Care Insurance Quote
According to the data gathered by the Sloan Center on Aging and Work at Boston College, there are almost 8 million senior citizens across the country who are still finding it hard to finally turn in their company ID's. "Unbelievably, golden agers as old as 70 and older are still going at it," says the study's lead research analyst Jacquelyn James. "What's even more surprising is most of the jobs these people are engaged with involve challenging manual labor that could lead to a variety of health risks." Some experts believe that Long Term Care Insurance can help many older Americans cover some of their health care costs.
Adding to the worries for older Americans are their concerns for the rising costs of their health care as the grow older, and for the costs for extended illnesses. Experts have suggested that Americans begin planning by doing their research or getting Long Term Care Insurance Quotes.
James believes that besides the slow economic downturn, there is a much deeper reason why a growing number of American seniors still choose to stay at work. "Based on the information we've managed to collect, we found out that majority of these people lost most of their savings during the Great Recession in 2006," says the chief research analyst for the Sloan Center on Aging and Work at Boston College. "With the price of home commodities and other day to day essentials reaching the roof nowadays, you can't blame them why they still prefer to remain in the roster of employees instead of getting a much deserved break.
"Earning money to pay the bills is a much more important priority than getting ready for retirement these days," says Loreta Stampley, one of the study's most active respondents and part of the steadily ballooning population of 8 million workers who are 65 or older. "I barely receive $700 a month on my Social Security check and I already pay $900 for rent - do you think retirement's a good idea right now?"
Jacquelyn James believes this is just one of the trade-offs senior Americans are facing with all the advancements in modern medicine and the availability of top-notch healthcare in the country. "As we see it, senior citizens are living longer and are much healthier than their counterparts 30 to 50 years ago," James says. "Unfortunately, unless the government establishes a better exit plan for golden agers still currently working nowadays, we can expect more and more seniors to hold on to their jobs in the coming years."
Long Term Care insurance, also known as LTC insurance can help many aging Americans and Seniors when they retire.