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While college seniors struggle to find a job after school, senior citizens are struggling to find a way to live after their jobs end. A survey done by the employee benefit's research insttute shows 43 percent of people aged 25 and older have under 10 thousand dollars saved for retirement. Associate state director for advocacy for AARP Florida, Nancy Stanton, says the issue is that some people don't even have an income to save.
As people run out of money, social security is one of the backup plans in people's minds. Stanton says she knows that talks are ongoing about social security and unemployment benefit reform.
She says one of the problems too is that generational gap. Many people assume they are going to have their kid take care of them, but if the jobs aren't there for the younger generation they don't have the money to take care of their aging parents. So instead of taking care of the aged parents, she says sometimes it's the opposite.
For those without jobs, or on a fixed income are facing a tough situation. She says it's definitely a day to day process, such as keeping utilities running and food on the table.
With stock prices lower than they were, people who had a sizable amount invested don't have as much money on their returns. She says hopefully as the economy turns around so will this problem of retirement. The Employee benefits research institute findings show that 43% in 2010, as opposed to 39% in 2009, have under 10 grand in savings. The findings were done on a survey of almost 1200 people over age 25.