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March 19th, 2009
10:00 AM ET

Retirement no more

CNN's Carol Costello reports on how retirement is no longer an option for some seniors.
CNN's Carol Costello reports on how retirement is no longer an option for some seniors.

With the current state of the economy, more and more people are being forced out of retirement. Right now the number of people over 65 working is on the rise. The Wall Street Journal reporting nearly a three percent spike over the last decade.

Eva Coffey, 60, was an accountant/comptroller for various companies most of her life. She retired 7 years ago, but after losing about 50% of her Roth IRA, and half the value of two investment properties, she's back at work again – as a school bus driver for $17/hour. But that's only part-time, about 15 hours a week and she needs more to make ends meet.

She and her husband have also had to shelve the idea of financing their retirement by selling their properties in this housing market. Coffey's husband works for the government and has put off planned retirement because of the economy.

Filed under: Economy
soundoff (4 Responses)
  1. charlotte

    I took my TSP in full and paid the penalties. I did so when the S&P was at 1450. People siad I was dumb to do that, who's laughing now. I would have lost a whole lot more if I had of left it in...

    March 20, 2009 at 12:44 pm |
  2. Marcel

    When a husband loses his job and the wife continues to work. It is not a "redistribution of power" to have him help around the home. That makes an assumption that couples have assigned power to income, which is a disaster for dual professionals. Rather, the opportunity is to redistribute house hold responsibilities. Creating a system of personal worth is important than ever when one partner is displaced with their work; that is the opportunity. You missed the mark on this story.

    March 20, 2009 at 9:03 am |
  3. alex big plume

    I find Ms. Costello's article enlightening..and yet I believe she's just scraping the tip of the proverbial iceberg... After reading about all the doom and gloom over the past several months; how consumer confidence is the cornerstone to jump starting the economy; How we need to start spending; and how money has gone "missing" or has been lost from the stock markets. I find it odd that the learned experts that comment on and have far more knowledge about the economy... and indeed the news media have overlooked the one glaring component affecting this crisis, Demographics... Is not close to 30% of the North American population ready for retirement? 30% of which are also the most affluent of the population? In turn wouldn't it be that particular segment of the population that would hold the largest piece of the market investment pie? And if you were part of that Demographic and had the curtains pulled back to see the money you have and in some cases had...Was all the money you were ever going to have to get you through the next 20-30 years of your life... Would you still have all your money in the "market".

    I sat in on a brief investment seminar last spring... and the gentleman was... not an economist, or a financial planner, although he offered advice in that vein... His academic background was Demographics... he also made some correlations to the Japanese meltdown in the early 90's to what was a then a prediction about the economic woes we would soon be facing... by his estimate the current economic downturn was still about 5 years away...perhaps the timeline shortened by the explosion in oil prices?

    Where did the money go? into metaphoric coffee tins where the baby boomers feel it's safe.. and will last them? (just my speculation)... I have not seen enough in the media to educate the public on the demographic transition our continent, perhaps the "developed" world is undergoing...Fear... economic or otherwise is founded on a lack of knowledge... solutions... and confidence are only created when we poke the flashlight of knowledge into every dark corner... perhaps The media should look into this corner for the greater good. a nice start Ms. Costello... dig deeper... you are onto something here

    March 19, 2009 at 11:33 am |
  4. Joseph Danile Brian Lawlor,

    Work , rest and play one of the balances in life and we see more and more working much, resting little and not playing at all. To connect to a system that works to suck from the Peoples rather than working for those Peoples as intended a reason for the extra work and putting off retirement is it not.

    At the same time Carol that which caused them their losses is on paper and that same paper will be used against leaderships to return what was lost to all.

    March 19, 2009 at 11:11 am |