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Adults should consider altering retirement strategy to keep up with new economy 2010-05-10 Retirement planning isn't what it used to be, given the current recession and market volatility. Previous years allowed retirees to rely more heavily on Social Security and government- or employee-funded retirement accounts. Today's retirees may benefit during their golden years by taking more personal control of their income, according to Coloradoan.com guest writer and Colorado State University finance professor Vickie Bajtelsmit. Depending on the amount of savings and investment assets, retirees may stretch their income by working longer or adding part-time employment during their retirement years, Bajtelsmit wrote for the website. Retirees should ramp up their personal savings as much as possible and view Social Security and employer plans as supplemental rather than primary income, Bajtelsmit recommends. Each individual has an idea about how they would like to spend their retirement years. Downsizing to a smaller home or vehicle may help retirees achieve their financial goals and overcome harsh economic declines, Bajtelsmit wrote to the website. Retirement planning under the new economic climate is forcing many older adults to forego traditional savings strategies and focus on alternative financial methods.  |
