Older workers hit hard by financial markets

09/23/2008 | New York Times (tiered subscription model), The

The decline in defined-benefit plans and surge of defined-contribution plans such as 401(k)s have many who are near or in retirement in a turmoil because they've been hit by rising food and energy costs and hammered by recent market actions. A report by the McKinsey Global Institute says the average worker now needs to work until age 70 to have the funds needed to maintain the same standard of living in retirement.

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