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Americans Have New Outlook On Retirement

Posted by Lisa Blackwell on July 14 2011 @ 7:05 am

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Consumers are looking at retirement differently. The SunAmerica Retirement Re-Set Study recently found many people plan to retire later, due to both living longer, and the current economic situation.

More than 50 percent of consumers also were looking forward to retirement, as it is perceived as a new event in a person's life, as opposed to their life coming to an end. Less than 40 percent of consumers thought this was the case 10 years earlier.

"While the recession clearly had a financial and emotional impact, it was very encouraging to see that three out of five Americans 55 and older have remained hopeful for their future," said Jay Wintrob, SunAmerica Financial Group president and chief executive officer. "Americans are emerging from the experience with new knowledge, new discipline and have re-set their vision of an ideal retirement.

For consumers who plan to retire soon, it is important to pay down credit card debt before checking out of the employment sector. Getting finances straightened out before enjoying later life will make it much easier for those who want to not worry about troublesome expenses.