I know that a lot of people that are considering retiring right now, are very apprehensive because of the scary economic conditions. I experienced many of the same apprehensions, but being that I'm already retired, it's too late for me to reverse course. And the truth is, my fears were far worse than reality proved to be.
"The most vivid finding to emerge from this survey is that older Americans -- most of whom have already retired and downsized their lifestyles -- have been far better insulated from the current storm than those who need to worry about keeping their jobs and building up diminished retirement accounts . . ."
"The collapse in stock prices last year also caused less damage to those over 65. The poll found that 23 percent of elderly Americans reported losing at least 20 percent of their investments last year, well below those further from retirement."
"Those over 65 presumably had more conservative investments, which fared better."
"The Pew poll found that the recession was having its deepest immediate impact on those in the "threshold generation," ages 50 to 64. They were most likely to have suffered significant investment losses, and three-quarters of them said the recession would make it harder for them to afford retirement, a greater percentage than of either older or younger Americans."