Older Workers Are More Resilient

Older workers have been impacted by the economic downturn. AARP's economic research confirms that one in four foreclosures and delinquencies involved Americans' aged 50 and older. Additionally, the sharpest increase in bankruptcy filings was among people 55+.

Older workers are delaying retirement, increasing their work hours, and reducing their retirement savings. Additionally, they worry about being able to afford medical care in 2009. Having said this, they are making changes to deal with their financial challenges.

Boston College's Sloan Center on Aging & Work show that workers 50+ are more resilient than younger workers. Workers have declined in their employee engagement, although older workers appear to be weathering the economic storm better than their younger counterparts. Baby boomers reported that their levels of engagement have hardly changed at all.

The researchers believe older workers are drawing on their hard-earned experiences from the downturns of the past. Those 50+ believe that the future will show economic improvements. Resiliency is a great attribute for older workers, and will serve them well in their retirement planning.

Joan