Retirement is going to come as a financial shock to many in Southern Nevada, specifically those who have put off saving for life after work or still find it hard to make ends meet four years after the end of the Great Recession.
While Nevada’s unemployment rate is improving, the job picture is still weak, wages have stagnated and the future remains bleak for the long-term unemployed. As if all that wasn’t depressing enough, the Employee Benefit Research Institute says 36 percent of all U.S. workers report having less than $1,000 in savings or investments.
For those Baby Boomers set to retire, the prospect of living another 30 years with limited means leaves few options. Many will have to work longer than they planed or sell homes they’d planned to keep to use the equity to live. But workers further from retirement still have time to address the problem.
Sheyna Steiner, an investing analyst with Bankrate.com, describes it as the new retirement. Steiner says we’ve eliminated pensions for most, so people have to finance their own retirement.
“They are not really prepared for 20 years to 30 years more of life in retirement,” Steiner said. “So people are working later or looking for part-time jobs in retirement. What we see is people scrambling to figure out how they are going to get the income they need every month.”
Sheyna Steiner, investing analyst with Bankrate.com
Rick and Jo-Ann James, retirees in Las Vegas
Barry Gold, director of government relations with AARP Nevada