The financial crisis has been hard on just about everyone. But for older folks, the pain is proving particularly deep and lasting ”” a problem that could put a drag on the economy for many years to come.
People approaching retirement age are suffering on all fronts. Even with the Dow above 11,000, their stock holdings are worth less than they were back in 2006. Fixed-income investments hardly provide any income. Home prices remain depressed.
As a result, more older people are trying to make up lost ground by staying at work longer or rejoining the labor force ”“ precisely at a time when finding a job is exceedingly difficult.