The turmoil in the financial industry and markets in recent days has caused serious anxiety among retirees or near-retirees, as they have seen their savings plummet in recent days, The Wall Street Journal reports.
Either they are now planning to stay in the workforce longer, or they arein many cases, reluctantlylooking to get back to work.
As many financial planners put it, its a brand new reality for an entire generation of Baby Boomers.
And its no wonder, a startling 59% of workers age 55 or older have less than $100,000 in savings and investments, excluding the value of their home, according to the Employee Benefit Research Institute. Another 18% have between $100,000 and $249,999, and only 23% have $250,000 or more.
Many people who were looking to retire in the near future are now expecting to work until they are 70.
RetirementJobs.com reported the inquiries into its online resume writing service doubled in the past week, with visitors saying they need to return to the workforce due to the economy.