Seniors Returning to Work

Senior citizens remain more vulnerable than other segments of the population to losses in the stock market and in home values, and will have a harder time recovering than younger Americans from the current global financial crisis. A new study from Golden Gateway Financial, a comprehensive online financial resource for seniors, shows that seniors understand their precarious situation and are exploring aggressive actions to stay afloat in this economy.

Results showed that nearly 80 percent of senior citizens polled are worried about the effect of the financial crisis on their retirement savings. These seniors are actively exploring ways to generate additional income, with more than half of respondents considering returning to the workforce or delaying retirement.

Additionally, Golden Gateway Financial reported that the percentage of incoming calls to its offices involving senior citizens facing foreclosure rose nearly 200 percent in the last three months.

"Older Americans are aggressively searching for ways to gain control over and offset losses that might be near to impossible to recover in their lifetimes," said Eric Bachman, founder and CEO of Golden Gateway. "This is a generation that has seen and heard it all, and instead of asking them to overcome one more challenge we must effectively communicate the alternatives and solutions available to them."

Observations from the survey include:

- More than 60 percent of those 65 and older say the economic crisis has permanently hurt their retirement savings

- Nearly one third say they are planning to delay retirement because of the current economic crisis

- More than 20 percent of respondents are considering returning to work because of the effect of the financial crisis on their personal plans

- One quarter of respondents say they are either borrowing against their home or trying to sell it in order to generate income to survive

- Nearly 55 percent say the current economic crisis is the worst they have experienced in their lifetime

- Three fourths of those surveyed are making adjustments to their lifestyle as a result of the current economic crisis

- Nearly one quarter say they are delaying making large purchases to conserve cash

The independent online survey was conducted with Crestwood Associates in partnership with Golden Gateway Financial and polled more than 800 adult homeowners ages 65 or older from around the country. Actual percentage responses and a complete list of answers are available by contacting Golden Gateway Financial. For more information, visit www.GoldenGateway.com .