The turmoil in the financial industry and markets in recent days has caused serious anxiety among retirees or near-retirees, as they have seen their savings plummet in recent days, The Wall Street Journal reports.
Either they are now planning to stay in the workforce longer, or they are-in many cases, reluctantly-looking to get back to work.
As many financial planners put it, it's a brand new reality for an entire generation of Baby Boomers.
And it's no wonder, a startling 59 percent of workers age 55 or older have less than $100,000 in savings and investments, excluding the value of their home, according to the Employee Benefit Research Institute. Another 18 percent have between $100,000 and $249,999, and only 23 percent have $250,000 or more.
Many people who were looking to retire in the near future are now expecting to work until they are 70, 80, or 90.
RetirementJobs.com reported the inquiries into its online resume writing service doubled in the past week, with visitors saying they need to return to the workforce due to the economy.
Note: These Retirement Quotes Come from The 237 Best Things Ever Said about Retirement
Either they are now planning to stay in the workforce longer, or they are-in many cases, reluctantly-looking to get back to work.
As many financial planners put it, it's a brand new reality for an entire generation of Baby Boomers.
And it's no wonder, a startling 59 percent of workers age 55 or older have less than $100,000 in savings and investments, excluding the value of their home, according to the Employee Benefit Research Institute. Another 18 percent have between $100,000 and $249,999, and only 23 percent have $250,000 or more.
Many people who were looking to retire in the near future are now expecting to work until they are 70, 80, or 90.
RetirementJobs.com reported the inquiries into its online resume writing service doubled in the past week, with visitors saying they need to return to the workforce due to the economy.
Note: These Retirement Quotes Come from The 237 Best Things Ever Said about Retirement
As I look at it, some of us are healthy and why not work to 70 and beyond. Keeps the fire burning and you live longer in better health if you have something constructive to do everyday.
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