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Wow the phrase working till you're eighty doesn't just apply to America's working class anymore.
A new study finds that even our country's most well off are putting off their retirement.
Joining me now Martin LeClair portfolio manager for Barrick yard advisors welcome back to the show Martin good to see you.
So what I -- show some numbers here the rich delaying retirement 33% plan to retire after age 68.
10% plan to retire after age 71.
What's going on here.
Well I think he's a number of things Gerri first of all liked its design -- stuff.
There we -- -- fearful times investors.
Have lived through two crashes in the stock market in the past thirteen years.
The real estate -- real estate prices have.
You know they plummeted back five years ago or so so and I think there's a general sense that politicians.
When -- -- that's for sure I think -- absolutely right about that.
You know those memories are still fresh of losing.
Half of your retirement savings you forget that in a heartbeat.
They came up with reasons in this survey for delaying retirement 58% said I don't have enough savings.
29% said outstanding debt 28% market stability 27% housing values.
And the latter and that is interesting because so much of regular Americans wealth is tied up in their house that took a major yeah.
Absolutely -- -- and so when you look at market stability going forward there seems to be.
Well no real.
-- in the stock market that it's gonna continue rising even though we've seen a great run it's amazing to me.
Is the number of individual investors that who stayed out of market despite the fact that we keep seesawing back and forth over the 141000 level on the Dow.
Other you know -- investors have been -- but I think the other thing that's good reason why.
Retirees are are fearful is that interest rates are so low.
It takes seven point two and a half times more money to generate the same -- -- -- as it did ten years ago.
And that's that's huge -- -- these.
What some folks would would be planning for or were they to retire it.
Sixty years 65 I -- people are living so much longer now what is your advice to folks who may feel like.
I could retire now but does it make sense to how do you evaluate that question.
Well I think that's.
It's really important life to feel like -- you give you have a purpose and to be relevant.
So the fact that we're living much longer.
I think people have to reassess whether or not they really want to check out when they're 62 or 65.
And perhaps find something while there's still their fifties that they really enjoyed doing.
That they can continue to do until -- you know quite advanced in years such as becoming you know a therapist or maybe being money manager that's -- The television that have -- maybe something like that.
The -- though with your clients what's the biggest question people in this age category ask you.
Well am -- going to outlive my money and even rich people feel that way.
I think rich people to I think they delay retirement for the very reason you stated because.
They can't imagine being retired they've they they're successful because they love what they do.
Leon should put -- some professionals these are people who if there and if they can go the what the office every day.
They won't know what to do with themselves so that's there's an old adage you know you retire you die and I think a lot of people have that here as well.
How much gulf can you really play I guess well Martin thanks for -- back on the show appreciate your time.
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