Given the state of the economy, many people who anticipated retiring at a specified date now say they will likely work for a longer period of time, a new survey indicates.
The poll, conducted by The Allstate Corporation and National Journal, found that this belief was particularly strong among baby boomers, as more than two-thirds of individuals 50 years of age and older said they will likely work in some form during retirement. In addition, the poll found that, on average, baby boomers would retire from their primary jobs an average of six years later than those currently in retirement.
"The impact of the recession on the middle class is larger than past recessions," said Thomas Wilson, chairman, president and CEO of Allstate. "Not only is long-term unemployment at record levels, but Baby Boomers now say they will have to retire six years later than previous retirees."
The survey also indicated baby boomers and retirees have different views about their main revenue sources in retirement. More than 50 percent of current retirees said a pension was a major source, while just 37 percent of those nearing retirement said the same thing.
Agents should remind their insurance leads about the retirement income options they have, such as investing in an annuity.