SUMMER 2009 EDITION
FAMILY»
Senior workers delay retirement
COLUMBIA — When June Homan, 71, lost her husband 10 years ago, she also had to deal with losing her major source of income. Homan, who worked with the blind in social services for eight years, retired four years ago.
Although Homan had to adjust after her husband's death, she said that she knew how to handle it.
"It came natural, learning how to save and budget," Homan said. Studying home economics education in college gave her knowledge of economics, so she was able to retire worry-free.
Homan's education made it easy for her to retire, but some have problems they can't solve.
The AARP has found that economic and financial trauma directly impacts people's ideas about retirement. An AARP study reports that 27 percent of all workers age 45 and older have now postponed their plans to retire.
Older workers are delaying their retirement and having trouble finding new jobs, said John Garrett, Commerce Bank branch manager.
"The older generation is hurting because of their retirement plans, forcing some to get new jobs or delay their retirement," Garrett said. "They are also having trouble finding and keeping their jobs because of difficulties adjusting to new technology and using computers."
Dawson's Shoe Repair owner Bob Wood thinks retiring in this economy could be a choice for others but not for him. He and his wife wouldn't retire in this economy even if they could.
"I love my job and I wouldn't retire even if I could afford it," Wood said. "For those who can financially support themselves during retirement, more power to them."
Even if the future leads him to retirement, Wood guarantees he wouldn't let his life after retirement go to waste.
"Staying home after retirement is just not me," Wood said. "I would definitely get a small job somewhere or volunteer around the area."
Homan, who now travels across the U.S. on bus tours, likes that she does not have to worry about the economy and its negative outcome on retirement.
"I was able to plan and save for retirement and missed the recession by a hair," she said. "Regulating my own time is the best part, and I wouldn't love it any other way."