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Posted: Friday, 28 June 2013 6:21AM

Is retirement an outdated concept?

A new study on retirement by Martiz Research shows the farther you are from the traditional retirement age the less confident you are about your ability to retire. 

Those who are already retired are much more confident about their financial security, and 60% now believe retirement is an outdated concept. 

Recently in the CBD I asked local folks, What dictates when you retire, age or money?  A woman says, of course "Money will dictate it," and she sees herself working after the traditional retirement age.

Another woman said, "I think probably the age of retirement is probably outdated.  We're living longer and at the age of 62, I think the people are not ready to retire and hang their hat up."  A baby boomer says she thinks it's not an outdated concept for her age group, but for young people, like her daughter, that's a different story.

How much money do you need to feel financially enough to retire?  According to this research the half million dollar mark is the breaking point for most people.

Less than that and this Martiz Research Retirement Study finds many Americans say they will either continue in their current job when they hit the traditional retirement age or find another one. 

Most locals I spoke to say it's a financial consideration, adding that they are pretty much resigned to the idea that they will be working after what used to be the traditional retirement age.

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