As it turns out, Americans closest to retirement- Baby Boomers in their 50s and early 60s– may have been hardest hit by the recession. They don't yet have access to Medicare and Social Security, and they've lost the most earnings power of any age group, with their household incomes 10 percent below what they made three years
As it turns out, Americans closest to retirement- Baby Boomers in their 50s and early 60s– may have been hardest hit by the recession. They don't yet have access to Medicare and Social Security, and they've lost the most earnings power of any age group, with their household incomes 10 percent below what they made three years ago, according to Sentier Research. Their retirement savings and home values fell sharply at the worst possible time: just before they needed to cash out. Many are supporting both elderly parents and unemployed young-adult children, earning them the nickname “Generation Squeeze.” New research suggests that they may die younger, because their physical and mental well-being were hurt by the recession at a critical time in their lives. In fact, a recent study by economists at Wellesley College found that people who lost their jobs in the few years before becoming eligible for Social Security lost up to three years from their life expectancy, largely because they no longer had access to affordable health care.
The New York Times, 2/3/2013
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