Fragile Economy Keeps Older Workers From Retirement

For those in their 50s and early 60s the doubts start after opening the quarterly 401(k) statement. The numbers look small following a decade of measly stock market returns and bear market devastations, including a fresh jolt on Aug. 4, when the S&P 500 index swooned, extending the tumble from its peak in late April to 12 percent. Two-year Treasury note yields hit a record low, while the yield on one-month T-bills slipped into negative territory. Taken together, the economic data are sending an aging, insecure workforce a clear message: Don’t retire yet.

"Things are too uncertain," says Richard V. Burkhauser, economist and professor of policy analysis at Cornell University. "There’s no way to protect yourself from all unexpected risks except not to retire."