Future uncertain for many in retirement living

As a result of the economic crisis, many older adults have lost much of the money they had planned to use during their retirement living years.

Richard Hisey is the president of AARP Financial, a company that can help individuals over the age of 50 prepare for retirement. He says millions of Americans are worried they won't be financially secure at the end of their careers because their investment portfolios have suffered recently.

"A lot of damage has been done across income segments - to investor portfolios and psyches alike," said Hisey.

Future uncertain for many in retirement living "The recent market recovery notwithstanding, millions of Americans are still scared and confused about their retirement plans. Many others should be concerned, but aren't because they are unaware of how unprepared they are."

AARP recently conducted a telephone survey of 1,200 people between the ages of 40 and 79 that found that 65 percent of participants lacked confidence in the financial markets - the factor they believe poses the biggest threat to their retirement.

An article published by U.S. News and World Report in September claims the stock market crash and the subprime mortgage crisis have eliminated $14 trillion of the country's net worth since 2007. Some of this money could have financed the retirement years of many Americans.

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