Tough Economic Times Forcing Many Seniors To Stay Employed
Current Financial Crisis Hurting Retirement Of Many
Updated: 8:10 pm CDT September 30, 2008
VERONA, Wis. -- As the Dow bounced back Tuesday, some area seniors were hoping for more good economic news.
VIDEO: Watch The ReportThe fixed-income factor for the age demographic looms large, and many said they can't afford to be in a hold-steady pattern while the economy shifts. They're hoping for resolution so they won't have to make huge changes in their retirement.Jane Lang retired in 2001 from Dane County, and has been working part-time at the Verona Senior Center. She's now realizing that job is going to serve a more practical purpose."Now it's just been giving me a little extra money to do extra things, I haven't needed it to live on, but I think it might be different soon," Lang said.People will hear the same concerns from other seniors as they watch retirement funds tumble."The people are that I am with are scared, they were working on interest and dividends and some bonds and unless things turn around it's going to be a rough life," said Terry Touchett, a retired volunteer at the center.Life isn't rough yet for retirees Bob and Dodie Syvrud. They're not heavily invested, but still plan to cut back."Its going to make us live like we normally would have otherwise," said Dodie. "When you're retired you like to do lots of things, not necessarily work."AARP said they've heard that plenty of their members are going back to work, or not leaving in the first place."They don't have another 20 years to rebound and save up to hit that retirement full speed," said Jim Flaherty, associate state director of communications for AARP Wisconsin. "They have to have it now, and in a lot of cases that might cause people to put off retirement."But for others who already made that choice, time is running out for a government decision that will help right their finances."I thought this was supposed to help us and then it didn't go through," said Lang. "I think they gotta get together and work and get this all figured out."These seniors were holding out hope the government will bring some resolution to the issue soon, because they believe it will right some of the financial problems they are or could be feeling.
VIDEO: Watch The ReportThe fixed-income factor for the age demographic looms large, and many said they can't afford to be in a hold-steady pattern while the economy shifts. They're hoping for resolution so they won't have to make huge changes in their retirement.Jane Lang retired in 2001 from Dane County, and has been working part-time at the Verona Senior Center. She's now realizing that job is going to serve a more practical purpose."Now it's just been giving me a little extra money to do extra things, I haven't needed it to live on, but I think it might be different soon," Lang said.People will hear the same concerns from other seniors as they watch retirement funds tumble."The people are that I am with are scared, they were working on interest and dividends and some bonds and unless things turn around it's going to be a rough life," said Terry Touchett, a retired volunteer at the center.Life isn't rough yet for retirees Bob and Dodie Syvrud. They're not heavily invested, but still plan to cut back."Its going to make us live like we normally would have otherwise," said Dodie. "When you're retired you like to do lots of things, not necessarily work."AARP said they've heard that plenty of their members are going back to work, or not leaving in the first place."They don't have another 20 years to rebound and save up to hit that retirement full speed," said Jim Flaherty, associate state director of communications for AARP Wisconsin. "They have to have it now, and in a lot of cases that might cause people to put off retirement."But for others who already made that choice, time is running out for a government decision that will help right their finances."I thought this was supposed to help us and then it didn't go through," said Lang. "I think they gotta get together and work and get this all figured out."These seniors were holding out hope the government will bring some resolution to the issue soon, because they believe it will right some of the financial problems they are or could be feeling. Copyright 2008 by Channel 3000. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
