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Stock Market Affects Older Investors' Lifestyles
AARP Survey Includes People 50 And Over
POSTED: 11:21 a.m. EST February 18, 2004
WASHINGTON -- Last year's stock market rebound hasn't put the bounce back in the lifestyles of older investors.
A new AARP survey found that 60 percent of those 50 and older owned stocks, and that 30 percent of them had losses in the last year year.
While losses have slowed, about one in five survey respondents said they have cut spending on everything from vacations and entertainment to prescriptions and health insurance.
About 21 percent said they decided in the past year to retire later. Of those already retired who had experienced stock market losses, 13 percent said they have considered returning to work.
In the past year, 20 percent said they had cut back on entertainment, with 22 percent cutting back on vacations. More than 6 percent said they've cut their spending on health care, prescriptions or health insurance.
The survey of about 900 people age 50 and older was conducted for AARP in November and December.
The organization said that while the results are financially troubling, they are an improvement over last year's survey, which found 67 percent of people 50 and older said stock losses had a sobering effect on their lifestyles.
A new AARP survey found that 60 percent of those 50 and older owned stocks, and that 30 percent of them had losses in the last year year.
While losses have slowed, about one in five survey respondents said they have cut spending on everything from vacations and entertainment to prescriptions and health insurance.
About 21 percent said they decided in the past year to retire later. Of those already retired who had experienced stock market losses, 13 percent said they have considered returning to work.
In the past year, 20 percent said they had cut back on entertainment, with 22 percent cutting back on vacations. More than 6 percent said they've cut their spending on health care, prescriptions or health insurance.
The survey of about 900 people age 50 and older was conducted for AARP in November and December.
The organization said that while the results are financially troubling, they are an improvement over last year's survey, which found 67 percent of people 50 and older said stock losses had a sobering effect on their lifestyles.
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