5:32 am November 29, 2010, by Henry Unger
The triple whammy of a severe recession and bear markets on Wall Street and in real estate continues to rewrite the retirement plans of many Americans, AJC staffer Russell Grantham reports.
Though two of those obstacles have eased lately — with the recession generally considered to have ended in mid-2009 and the stock market rising roughly 60 percent since its early 2009 trough — their effects linger, Grantham writes. Many people have been forced into early retirement because of staff downsizing, while others, nervous after the recent economic events, have put their plans for leaving the work force on hold.
In a newly published book, “Reconsidering Retirement, How Losses and Layoffs Affect Older Workers,” economists Courtney Coile and Phillip Levine noted that the number of retirees claiming Social Security benefits surged 23 percent between 2008-09, far above normal trends, Grantham writes.
Coile and Levine, professors at Wellesley College in Massachusetts, estimated that 378,000 people across the country have been forced to retire early due to job cutting, while 258,000 have delayed retirement due to the decline in stock prices, Grantham writes.
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- Henry Unger, The Biz Beat
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