TOUGH
TIMES,
TOUGH
PEOPLE
Workers take on the
Great Recession
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
financial uncertainty.
—Holly Zimmerman
MANY 50+ SUFFERED JOB INSECURITY...
57%
Employed, no
involuntary
unemployment
12%
17%
Employed, some
involuntary
unemployment
Unemployed
13%
Left the
labor force
32%
Lost substantial
value in house
25%
Used up savings
19%
Fell behind on credit card
payments (or took on
more credit card debt)
12%
Lost health insurance
4%
Filed for bankruptcy
1.4%
Lost house
to foreclosure
...AND HARDSHIP IN
THE DOWNTURN*
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.
