Financial planners hate having to tell their clients that they need to delay retirement. Yet as the global economic meltdown drags on, many researchers in both academia and industry are facing that reality.
"I wish I had better news for you," Kenneth Robinson, a financial advisor in Ohio sometimes tells his more unfortunate advisees. Older researchers whose retirement savings have been decimated by the sagging economy have a choice to make, he says. "Either they can delay their retirement, which few people like to do, or they can reduce their standard of living, which people like to do even less."
Importantly, Robinson says, working researchers should not stalk the volatile Dow Jones average to determine their next financial move. "The news will tell them nothing about what they should do next." Robinson says the better approach is to invest more time understanding their spending patterns and how best to save. ...
