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Financial crisis worries retirees

December 12, 2008 by  

Will you still have a nest egg?The financial events of the past year or so have not made it easy for many people to sleep easily, but retirees may be among the worst-hit groups.

A Reuters report explores the way that millions of middle-class and upper-income retirees are facing huge losses in their savings because they invested in stocks rather than more secure investments.

Just a few years ago, these same people may have been making significant profits from this decision – but when the stock market began its downward spiral, not everyone was able to protect themselves.

Some blame the situation on the way that retirement accounts work in the U.S. Instead of a pension system, most people receive income from a 401(k) or other type of investment-base account.

"Late boomers will fare far worse than their parents and grandparents in terms of replacing their income in retirement, mainly because of the erosion in the employer pension system," Teresa Ghilarducci of New York’s New School for Social Research told the news provider.

According to AARP research, people who are nearing retirement no longer expect to be able to live as well as they once did, with 69 percent of workers aged 45 or older saying they plan to spend less in their golden years.
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