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New Economic Woes Hit Boomers, Seniors Hardest, Experts Say

Date:
November 24, 2008
Source:
The Gerontological Society of America
Summary:
Millions of older Americans stand at the epicenter of the current financial crisis and the implications must be confronted, said experts during a symposium at the Gerontological Society of America's 61st Annual Scientific Meeting.

Millions of older Americans stand at the epicenter of the current financial crisis and the implications must be confronted, said experts today during a symposium at The Gerontological Society of America’s (GSA) 61st Annual Scientific Meeting.

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“The slumping stock market, falling housing prices, and weakening economy have serious repercussions for the 94 million Americans age 50 and older who are approaching retirement or already retired,” said Richard W. Johnson, PhD, principal research associate at the Urban Institute. “Retirement accounts lost about 18 percent of their value between September 2007 and September 2008, and housing prices fell from 4 to 20 percent between January 2007 and May 2008, depending on where seniors live.”

He added that the clock is ticking for people trying to salvage their fiscal futures.

“Older Americans have little time to recoup the values of their homes, 401(k) plans, and individual retirement accounts — all important parts of their retirement nest eggs. More and more older Americans are working to bolster their retirement incomes, but the rising unemployment rate, now 6.5 percent, limits their prospects,” Johnson said.

Peter G. Peterson Foundation Vice President C. Eugene Steuerle, PhD, another speaker at the session, confirmed the magnitude of the situation.

“The current financial crisis has involved a loss in the U.S. of perhaps $15 trillion and a world-wide loss several-fold larger; these are numbers that vary widely from week to week. Among those most affected are those who were planning on spending down their assets in retirement or as they move toward retirement,” he said.

Steuerle also noted that these problems raise a set of related questions.

“Who should government help if it can only cover a tiny portion of the losses? Did the bubble market mislead people as to what was affordable? What are the consequences for the nation of saving very little when times were good? Can we set out on a course now to avoid some of these problems in the future?” he asked.

The symposium was an outreach of GSA’s public policy initiative.


Story Source:

The above story is based on materials provided by The Gerontological Society of America. Note: Materials may be edited for content and length.


Cite This Page:

The Gerontological Society of America. "New Economic Woes Hit Boomers, Seniors Hardest, Experts Say." ScienceDaily. ScienceDaily, 24 November 2008. <www.sciencedaily.com/releases/2008/11/081124165128.htm>.
The Gerontological Society of America. (2008, November 24). New Economic Woes Hit Boomers, Seniors Hardest, Experts Say. ScienceDaily. Retrieved December 20, 2014 from www.sciencedaily.com/releases/2008/11/081124165128.htm
The Gerontological Society of America. "New Economic Woes Hit Boomers, Seniors Hardest, Experts Say." ScienceDaily. www.sciencedaily.com/releases/2008/11/081124165128.htm (accessed December 20, 2014).

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