Resources - Mature Market Headlines

Some Early Retirees Have Second Thoughts

USA Today, 8/27/08

Abstract:

When Vic Paganucci of Norwalk, Conn., was given a chance to take early retirement last spring, he jumped at it. He was weary of his two-hour commute to Wall Street and no longer enjoyed his job as an insurance broker.

But now, at 58, he's having second thoughts. In part, it's because he misses the fulfillment a job provides. But increasingly, money is a concern, too.

"I have no problem paying the bills, but the market seems to go down endlessly," he says. "Sometimes I wish I had looked for a job rather than just retiring."

The oldest Baby Boomers are turning 62 this year, making them eligible for Social Security. About half of this year 's group — some 1.6 million — are expected to file for Social Security as soon as they qualify, even though that means receiving reduced benefits for the rest of their lives.

Many older Boomers — including those, like Paganucci, who have yet to turn 62 — say they're willing to accept a smaller payout in exchange for an opportunity to retire while they're still young enough to enjoy it. But recent retirees who had expected to supplement Social Security with their savings have seen their investments decimated by the stock market's nose dive. Their home equity has evaporated. And rising prices for gasoline, airfares and groceries threaten to shred their retirement budgets.

> Read the full story > Return to 50+ Headlines