The slumping stock market, spiraling housing prices, rising health care costs, and dwindling pensions have forced millions of seniors to assess their long term financial situations.
According to the Urban Institute, over 94 million Americans aged 50 and older who are approaching retirement or already retired have been greatly impacted by the slumping economy. Over the last 12 months, retirement accounts have lost over 18 percent of their value.
Because of these circumstances, more older Americans are contemplating remaining longer in the workforce, or coming out of retirement to stave off their losses. Older Americans limited budgets are stretched even further by the neccessities of higher utility bills, health costs, food, and transportation.
Useful links on economic matters:
Retirement Jobs for People Over 50. AARP Retirement jobs for people over 50. Use this resource to search for full time, part time and flexible jobs and other training and resource opportunities.
U.S. Department of Commerce EconomicRecovery.Gov. The U.S. Department of Commerece new interagency web site designed to help individuals toward economic recovery. This web site is a resource of the latest information on economic issues and what the U.S. Government is doing to strengthen the economy and restore prosperity.
The Urban Institute gathers data, conducts research, evaluates programs, and educates Americans on social and economic issue. "How is The Recession Affecting Older Workers?" fact sheet provides the latest numbers on the employment situation for older Americans.
The Urban Institute, "How is the Financial Crisis Affecting Retirement Savings? This fact sheet examines the impact of the ongoing economic turmoil on older households and presents estimates of the retirement account losses to date.
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