The Global Financial Crisis began in the United States in 2007 and continues to this day. First the Housing Bubble burst, resulting in the plunge of real estate values. Associated with this problem was the serious financial irresponsibility by US financial institutions. This included the collapse of Leyman Brothers, and the subsequent worldwide crash of global stock markets, spreading to all parts of the world.
This sudden financial collapse, which has been likened to the Great Depression in its magnitude, has had a disproportionately severe effect on retirees, living on portfolio and rental income. This has forced many to have to consider, or attempt, to 'unretire' and obtain part time work (with mixed success).
For those about to retire, severe losses in their superannuation or other retirement planning accounts has forced many to give up the idea of retirement, or consider continuing to work part time (If their work permits).
Interviews the University of South Australia have undertaken so far indicate that the one group which seems to have been relatively immune to these effects is the group of workers retiring with indexed Government pensions. Others, such as those experiencing divorce late in life, or significant illness/injury find themselves in a very precarious financial position, and facing a life at or below the 'poverty line'.
Dr. Peter Winwood, a research psychologist with the University of South Australia, is hoping to obtain your assistance and support for a project being undertaken by the University of South Australia School of Psychology, Social Work, and Social Policy. This project has been approved by the IniSA Human Research Ethics Committee.
Dr. Peter Winwood is the Chief Investigator in this project looking at the issues of workers approaching retirement, or who have recently retired. They are particularly interested to know more about the way that the Global Financial Crisis (GFC) has affected people's retirement plans or retirement experience.
I have reviewed the online questionnaire and found most questions to be general in nature. Those living outside of Australia, and particularly in the United States may find the term Superannuation benefits to be confusing. Just substitute 'Social Security' for this term to get a general idea of what is being asked.
Dr. Peter Winwood has contributed the content for this article with only minor editing by this website's editor.
If you would like to find out more about Dr. Peter Winwood, follow this link to the University of South Australia.
The University of South Australia is conducting an approved online study into issues of retirement (particularly after the Global Financial Crisis), which takes approximately 10 minutes to complete. Baby Boomers Planning For Retirement endorses this study.
If you would like to contribute your experience to this important project, click the prior link to Log into qualtrics.com and take the survey.
The current financial crisis is having a worldwide effect on retirees and those soon to retire. Has the Global Financial Crisis affected your retirement plans? What will you do if it does?