|Posted by Ted Canova on March 16, 2011 at 4:30 PM|
By Ted Canova
That's all I could muster when I heard today's exhausting news. When it comes to retiring, Americans are more pessimistic than anytime in the last 20 years, according to the annual Retirement Confidence Survey.
Really? No. Kidding.
Who thinks we'll ever be sitting on that beach with umbrellas in the sand and umbrellas in our cocktails? The definition of retirement died with our parents generation.
Today, we will be working longer for two reasons: we're living longer (according to another report out today on life expectancy) and we all have to work so we can afford to live and die. That's the cruel truth.
Your house used to be your nest egg, the asset you could sell when the kids are off on their own. The housing market would reward you for your years of enduring the suburbs, supporting school referenda and paying levies to fund sewers and sidewalks.
But no more. That nest egg is a big lie to millions of Americans who not only are underwater on their mortgages, but are being bullied into foreclosure by their once-smiling banks.
The retirement survey says 27 percent of us are "not at all confident" about having enough money in retirement. Not surprising, those already on the golf course have a brighter outlook. About 60 percent of retirees feel somewhat confident they can live comfortably for the rest of their lives.
So what's the impact of the rest of us working longer? Before another survey comes out, let me point to the bad news: as seniors delay retirement, there will be fewer jobs for everyone else, from today's Boomers to every Generation X, Y, and Z . Generations that were promised a future and good jobs after college. Now, this growing underclass will under-employed. Their reminder of college will come in the mail in the form of their student loans needing to be re-paid.
So let's all get some sleep. We'll be working late.