CareerBuilder has more sobering news for the job market. Six-in-ten workers over the age of 60 say they are putting off their retirement due to the impact of the U.S. financial crisis on their long-term savings.
CareerBuilder conducted its among more than 8,000 workers between November 12 and December 1, 2008.
11 percent of workers over the age of 60 who are putting off retirement say that the decrease to their savings may now cause them to never retire. 73 percent think it will take them up to 6 years of extra work to recoup their lost savings.
24 percent feel they can make their money back by working an additional year or two.
But older employees may not have it as hard as new entrants to the working world. Jason Ferrara, senior career advisor at CareerBuilder says that “mature workers who are returning to the workforce to offset their retirement losses will likely encounter many of the same challenges that workers of any age are facing today. However, their level of knowledge and experience and network of professional contacts will work to their advantage in a competitive job market.”
CareerBuilder has its own niche site for older workers at PrimeCB.com.