Retirees Hardest Hit By Unstable Stock Market

It seems the troubles of Wall Street have hit older Americans the hardest. According the New York Times, over the past few years people ages 55 to 64 have tended to put almost twice as much money into stocks as younger investors.

Tony and Del Pisaturo say the reason they can enjoy retirement is because they learned the hard way about putting too much faith in the stock market early in life.

"I learned that we lost a lot of money and I didn't have it to lose so I wasn't gonna lose it again so I said never again," Del Pisaturo said.

At the Donal Snyder community center, seniors walking the track were also talking about their investments. Many say they have taken huge losses from the stock market or they at least know someone who has. William Catranbone blames unsavory companies for costing his son about $100,000 in retirement savings.

"A lot of these people were in a position of trust and they violated that trust and they all walked away with millions and left the little guy holding the bag," Catranbone said.

Financial advisors say they're seeing a lot of people who made the mistake of putting too many eggs in one basket.

"There are people that saved for retirement for years and now it's time to take the money out," financial advisor Jennifer Strojny said. "It's a bear market, and they're having a hard time because not only is their principle going down, they can't get the income out of these accounts."

We also talked to consumer counselor Jan Lukens at the Mississippi State Extension Office about people who find themselves in a bind because of the stock market. She says younger retirees should consider going back to work, because it may be more difficult to make up the income they lost as they get older.