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Working Longer: Executives to Postpone Retirement by Average of 7.5 Years Due to Losses in Current Market
TheLadders.com Survey of $100K+ Executives Finds Majority Suspending Retirement Account Contributions, Many Limiting Children’s College Options <BackNEW YORK, NY (February 5, 2009) - The severe economic downturn of the past several months will result in executive-level workers - those who earn over $100,000 annually - spending an average of 7.5 more years in the workforce than they initially planned. According to a survey of 1,162 executives conducted by TheLadders.com, the world's leading online platform for the $100K+ job market, the majority of the nation's top wage earners have also stopped contributing to their 401k retirement accounts and many expect to limit their children's college options due to losses experienced during this financial crisis.
Following were some of the survey's key findings:
Working Longer:
- 86% of executives surveyed said they would have to work more years before retiring to compensate for the losses in their retirement savings accounts.
- On average, those executives expect to work 7.5 years longer than they had initially planned.
Dipping into 401ks:
- 58% of executives surveyed said they have stopped contributing to their 401k retirement accounts in the last three months.
- 40% said they have dipped into their retirement savings to help weather the current economic crisis.
Impacts on College Savings:
- 50% of executives surveyed said they think their children's college options will be limited by the financial crisis.
- 40% have suspended contributions to their children's 529 college savings plan.
"The downturn in the economy is forcing people to make tough financial decisions that will impact their current state of affairs and their futures," said Marc Cenedella, founder and CEO of TheLadders.com. "The sooner people are able find new jobs, the sooner they will able to get back on track and start re-investing in their futures."
This survey was conducted in January 2009 and had 1,162 respondents. It is statistically accurate to within +/- 2.87 percent.
About TheLadders.com:
TheLadders.com is the world's largest online service catering exclusively to the $100k+ job market. Our job is to make the search for senior talent and senior positions quick and effective. With access to the most $100k+ job leads in one place, senior level professionals can get to the next step in their careers faster. Top recruiters value the ability to quickly and easily connect with so much qualified talent in the sales, marketing, finance, HR, legal, tech and operations industries. Founded in 2003 by Marc Cenedella, TheLadders.com has grown into the largest specialty employment website. In addition to traditional job search services, TheLadders.com also provides a host of specialized career development resources, including a proven, one-on-one resume service; advice from career experts; customized online profiles; and e-mail alerts. TheLadders.com is headquartered in New York with offices in London. For more information, please visit www.theladders.com or www.theladders.co.uk.