Star Tribune finance columnist Kara McGuire recently wrote about how the recession is affecting retirement. Her article states that according to a recent ING Direct survey, four in 10 Americans believe the current economic climate will force them to retire up to 10 years later than originally expected, or not at all. This was concluded upon surveying 1,223 adults.
McGuire wrote that she is in her early 30s and doesn't expect to retire until she is 70 or older. McGuire says that a 30-year retirement is simply unsustainable for most people.
That brings us to the age-old question: Would you choose time or money? Many of us will have to choose between a longer but frugal or a shorter but more comfortable retirement. What would you choose?
For more by Kara McGuire, check out her article on the Minnesota Elder Economic Security Initiative.
By Marie Nelson