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Effects unemployment may have on retirement

06/23/11

As the economy slowly recovers from a catastrophic recession that saw the unemployment rate hit double digits in some areas of the country, the long-term problems these layoffs may have caused could see Americans struggling for years to fully recover, according to a new study from the non-profit Transamerica Center for Retirement Studies.

The study found that 66 percent of displaced workers are not confident in their ability to become financially secure before they reach retirement. Many people were forced to drain their savings accounts, reduce retirement savings contributions and even drop some life insurance coverage options when they lost their jobs.

"Unemployment and underemployment has severely impacted the retirement outlook of many American workers," said Catherine Collinson, president of the Transamerica Center for Retirement Studies. "Yet there are many important opportunities that can help them to overcome setbacks and improve their prospects."

In an effort to improve one's ability to ensure financial solvency in retirement, people may want to find a full-time job. However, if that is not an option they suggest taking a part-time job. This will allow individuals to drain less of their savings during their retirement years, possibly making it easier to recover financially.

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