A September survey by insurance company Sun Life showed that two-thirds of American workers expect to labor a year longer than originally planned. The figure is up 11 percent from the same survey conducted in January. "There is a huge drop in confidence that has taken place," because of the fall of stock markets since 2007, Wes Thompson, president of Sun Life's U.S. division toldReuters.
Sun could have saved the time and effort. With the value of American homes --once considered equity for retirement funds -- and stock portfolios suddenly undermined by the recession, many seniors simply cannot afford to retire without a substantial change to their standards of living. Some now believe that working another year or two could help, but in a lot of cases, an extra year of work won't do the trick.