Tom Sweeney

It's a coming of age tale….

Recession will change retirement plans…

Posted by sweens on May 11, 2009

When I was twenty one and was nearing graduation from University, I was continually flooded by professors, friends, family, etc; telling me how great it was to be my age.  I would have ample opportunities for employment as my generation was supposed to replace the baby boomers within the work force.  Sounded great at the time – but its not looking that way right now!

It seems to me that with the current recession we are facing, many individuals who had plans on retiring over the next few years are going to be putting those plans on hold.  RRSPs have been hurt with some people losing up to 50% (if not more) of their nest egg that they had planned on using for retirement.  It is not such a great time to be thinking retirement now is it?

As such, many of  these baby boomers who were supposed to be retiring in the next while are likely going to remain in the labour market while they try to rebuild their retirement savings.  This will likely mean less change within the labour market and the younger generations – like mine – will likely be shut out of many highly sought after positions for a little while longer.

Perhaps growing up or getting older is not looking as good as we all thought it would…

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