For older workers, 'scary' economy delays retirement

[OhioChick]

Published: Sunday, August 28, 2011, 6:33 AM

San Jose, Calif. -- Since the downturn began three years ago, the path to retirement for older workers has become an ever-lengthening obstacle course, and last week's market turmoil may have made it even longer.

"I'm taking a pounding," said 67-year-old Bill Alston of San Jose, an engineer between jobs, on watching the stock market's convulsions. "Where do you put your money? What is a dollar going to be worth? We're really on shaky ground."

Many older workers are responding to the economic downturn by postponing retirement, but even so, it will be a struggle to make up for market losses in their retirement plans. Some were counting on their houses as a post-work financial cushion, but now their homes are worth less. They can't depend on dividends and interest on savings -- that income has nearly vanished. They also face layoffs and difficulties getting rehired.

Take Alston. He's looking for a full-time job. He has an impressive resume and a string of patents but has had trouble landing work. He has also had to dip into his retirement savings to make ends meet, even as the market has taken its own bite.

More: http://www.cleveland.com/business/index.ssf/2011/08/for_older_workers_scary_econom.html

[Tansy_Gold]

1. What retirement savings? What retirement? n/t

[Enthusiast]

2. Millions would say that, Tansy. nt

[udbcrzy2]

3. What savings period?

Older unemployed workers have a difficult time just finding part-time minimum wage jobs, plus the highly priced gas you have to use to get to the damn job.

[southernyankeebelle]

4. What the hell are you complaining about. Pull your boots up even if you don't have them. Right

otherwise just hurry up and die according to republicans.

[mimitabby]

5. yeah tell me about it

I'm right there. I have a job. I feel like I'd be a fool if I gave it up.