In the wake of the financial crisis, an investigation on pension and retirement savings has revealed that retirement plans have lost $2 trillion dollars in the last 15 months. One in five workers has ceased to put money into a retirement account and almost one in four is working increased hours. The effects of lost retirement money will fall heavily on workers, who find themselves working more years and longer hours. Those currently on the verge of retirement may well decide to keep working. Representative George Miller (D-CA), points out that ?Unlike Wall Street executives, America's families don't have a golden parachute to fall back on. It's clear that their retirement security may be one of the greatest casualties of this financial crisis.?
See "Retirement accounts have lost $2 trillion", Julie Hirschfield Davis, Detroit News, October 7, 2008