Posted 02/05/2010 - 4:25pm
Editor’s note: The following article by David Bank, vice president of Civic Ventures, appears in the Fall 2009 edition of Generations, the journal of the American Society of Aging. See below for more information about the issue.
The Great Recession is over, the chairman of the Federal Reserve and other officials have declared. It might not feel that way to the 10 percent of Americans who are officially unemployed, including the more than 2 million out-of-work Americans over age 55 whose ranks have more than doubled in two years.
If it’s back to business as usual for bankers and traders, it’s anything but for those at or near what used to be called retirement age. Nearly two-thirds of those ages 50 to 61 expect to delay their retirement because of the recession, according to a recent study by the Pew Research Center. Nearly four of every 10 adults who are still working at age 62 have already delayed their retirement plans.