The AARP Public Policy Institute conducted a survey on how the recession has changed the lives of older American workers, and finds that the recovery for many will be long and slow and for some, it may never come.
AARP says that the jobless rate for older workers – those over the age of 55 – reached levels not seen in more than 60 years. Many of those older workers had to tap retirement savings and nest eggs to pay daily living expenses.
Of the 5,000 Americans age 50+ who were surveyed:
- 67 percent filed for Social Security earlier than they had planned
- 33 percent planned to delay retirement
- 36 percent stopped or cut back on saving for retirement
- 37 percent had to rely on credit cards for daily living expenses
- 12.4 percent lost health insurance
Only 45 percent of those surveyed said their family’s financial condition was good; more than half (53 percent) said it was fair or poor.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.