Economy Causes Nation's Elderly to Dip into Retirement Funds

by matthewd 10. December 2008 09:48

According to a recent report published by CNNMoney, America's current economic crisis is forcing aging workers to utilize retirement funds in order to maintain their current quality of life.

With the stock market out of sorts and the holiday season in full swing, those nearing retirement age are putting their savings towards credit card debt and mortgage payments, instead of preparing for the not so distant future.

Disturbingly, 59% of those polled wouldn't even know how to prepare for a time when they may be unable to work or too old to maintain their current jobs and only 31% of workers take part in a 401K program.

Although experts believe an economic upswing could change these numbers, workers surveyed fear that their futures are in jeopardy and hope that the new administration will address this issue in January.

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