Workers take on the
The housing crash and market decline of 2008–9 hit 50+ jobholders hard. An AARP survey of more than 5,000 older workers shows that 48 percent had trouble making ends meet because of the economic turmoil. Most of those who took a hit cut back on expenses and dipped into savings. Employment dropped, along with confidence about retirement. In response, 55 percent of those surveyed took steps to prepare for a more secure retirement; they did this by paying down debt (including their mortgage), saving more money, and moving out of risky investments. And a whopping
86 percent plan to keep down
medical costs by maintaining—
or taking up—a healthy lifestyle.
In tough times older Americans
are meeting the challenges of
MANY 50+ SUFFERED JOB INSECURITY...
value in house
Used up savings
Fell behind on credit card
payments (or took on
more credit card debt)
Lost health insurance
Filed for bankruptcy
...AND HARDSHIP IN
Source: “Recovering From the Great Recession:
Long Struggle Ahead for Older Americans,”
a study by the AARP Public Policy Institute,
available at aarp.org/recovering.