Paul Martin’s Business Update – January 22nd, 2015
With all the volatility in stock markets and the broader economy these days, those nearing the end of their careers are wondering whether retirement is really a viable option.
But, while savvy financial advisors will tell you that volatility in the investment arena is an opportunity for bargain hunting, it is harder for anyone trying to make plans for retirement to keep that in perspective as ups-and-downs tend to create uncertainty.
So here’s a little guide on what others are doing in making their retirement decisions.
It turns out those who have worked in the public sector tend to leave the workforce first. Those who are self-employed stay the longest. Private sector workers are in between.
National figures on average retirement ages show the age of retirees in the private sector and the self-employed category went down last year. It is still above 66 for self-employed individuals and 63 for private workers but higher than public sector workers who now cash in at age 61 instead of 59 that was the norm ten years ago.