Get ready for retirement.
In the past, pensions have been such a problem for corporations because companies convinced workers to accept lower wages in exchange for larger pensions. The strategy behind that was that pension benefits are not included on balance sheets and do not lower a company's net worth. However, as workforces grew, the cost of funding pension plans catapulted. Now, as pension benefits offered by companies across the nation are continually reduced, many American workers who lack financial savvy are saving for retirement without a clear goal and without knowing how much money they will need.
For most Americans, consumer spending and personal debt are increasing. Retirees find themselves in semiretirement where part-time jobs and post-career vocations are necessary. Many workers believe they'll be able to work forever, but for some, working past retirement age will be compromised by health problems and layoffs.
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|Article Type:||Letter to the editor|
|Date:||Aug 1, 2006|
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