Many Floridians 50+ delay complete retirement

For older Americans, complete retirement can raise scary possibilities, and for many it isn’t a possibility at all. A recent survey conducted by AARP shows that only one in five adults would completely retire when the time comes.

“This survey underscores what’s a growing reality:  The dream of a financially secure retirement is slipping away for many, just as Washington is weighing plans to further cut retirement benefits,” said Jeff Johnson, AARP Florida state director.

Most Floridians age 50+, both those who are working and those looking for work and out of labor force for other reasons, say it is likely they will continue working as long as possible, according to a recent AARP survey.  More than half of those say it’s very likely. They cite needing the money, enjoying their job, and saving for retirement as the largest factors in not retiring.

The survey also indicates that the majority of Floridians say it is very important they can stay in their current homes as they age. Climate, quality of health care services, convenience to retail, friends and neighbors, and local taxes are the top reason cited for wanting to stay.

The survey also found:

• 83 percent of those surveyed indicated they felt certain they can count on Social Security when the time comes to retire.
• Of 880 Floridians 50+, only 52 percent are retired and not working at all.
• 19 percent of those surveyed are employed full time.
• Out of 281 Working Florida residents 50+, 79 percent says their current jobs utilize their skills and talents a lot.
• 52 percent of those surveyed indicate it is not likely at all they will move to a different home in Florida.
• 71 percent of those surveyed indicate it is very important they stay in their current home as they age.

Johnson noted that the survey results underscore the financial pressure that many older Floridians will face if Washington follows through with plans to cut Social Security and Medicare benefits to curb the federal deficit.  To learn how much your benefits could be cut and to raise your voice about these cuts, please go to www.aarp.org/whatyoulose .

To see the full survey results, please visit: http://www.aarp.org/content/dam/aarp/research/surveys_statistics/general/2013/Summary-of-AARP-Survey-of-Floridians-50-Opinions-on-Work-Retirement-Community-AARP.pdf

If you have questions about Social Security  retirement benefits, please visit:

http://www.aarp.org/work/social-security/social-security-question-and-answer-tool/