Research Shows Workers May Need To Retire 5 Years Later

26:09

June 25, 2012

A growing number of people continue working way past the usual retirement age. (AP)

Researchers at Boston College have found that most Americans cannot afford to retire until age 70.

A study from the Center for Retirement Research found that more than half of U.S. households will not be able to maintain their standard of living, unless they hold off on retirement. If they wait until age 70, the study found, 88 percent of households will be able to keep their current standard of living.

But a recent survey from AARP found that one-third of seniors say they have experienced discrimination in the workplace. AARP has also found that more than one-third of Americans say they need to delay retirement, and 44 percent say they will need to work part time in retirement.

Currently Congress is considering legislation which would beef up laws protecting workers from age discrimination. But what else will older workers need as they stay in the workforce longer?

-- Here's the study:

http://www.scribd.com/doc/98206506/National-Retirement-Risk-Index

Guests:

Dr. Anthony Webb, research economist at Boston College Center for Retirement Research
Debbie Chalfie, senior legislative representative for AARP

More:

This segment aired on June 25, 2012.