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The current economy is taking a heavy toll on those who are nearing retirement age.
This week, MSNBC.com spoke with several Americans who are in their early sixties who have had to cut back on living expenses and put off their retirement plans. The report cites a recent AARP survey that found nearly 60 percent of workers over age 45 were expecting to work longer, with nearly 70 percent saying they plan to spend less once they do retire.
The news network also cites a Georgetown University report finding twice as many workers aged 65 and over in the last two decades, from 15 percent of men and eight percent of women in 1985, to 34 percent of men and 26 percent of women in 2007.
In October, the Congressional Budget Office estimated that falling stock prices had wiped out some $2 trillion in retirement savings in recent months.
In the long run however, workers are advised to continue saving for retirement. "Unless we go through a total market failure and government meltdown, 15 to 20 years from now, they're going to be sitting just fine," financial planner Greg Womack told USA Today last month.
Economy takes a toll on retirement plans
The current economy is taking a heavy toll on those who are nearing retirement age. This week, MSNBC.com spoke with several Americans who are in their early sixties who have had to cut back on living expenses and put off their retirement plans. The report cites a recent AARP survey that found nearly 60 percent of workers over age 45 were expecting to work longer, with nearly 70 percent saying they plan to spend less once they do retire.
The news network also cites a Georgetown University report finding twice as many workers aged 65 and over in the last two decades, from 15 percent of men and eight percent of women in 1985, to 34 percent of men and 26 percent of women in 2007.
In October, the Congressional Budget Office estimated that falling stock prices had wiped out some $2 trillion in retirement savings in recent months.
In the long run however, workers are advised to continue saving for retirement. "Unless we go through a total market failure and government meltdown, 15 to 20 years from now, they're going to be sitting just fine," financial planner Greg Womack told USA Today last month.
