Americans Working Longer as Jobs Contract

Check out this article from the New York Times:

Working Longer as Jobs Contract

A recent AARP survey found that the economic slump has been badly squeezing the nation’s 78 million baby boomers, those born between 1946 and 1964. In the survey, 20 percent of boomers said they had stopped contributing to retirement plans, 34 percent said they were thinking of delaying retirement and 27 percent acknowledged problems paying rent and mortgages.

It's hardly news that the recent economic troubles have been affecting those close to retirement most severely. Some have been forced to delay their long-planned for dates, some are getting laid off early and need to start over in a new job. Others are looking at their investment portfolio and realizing that current market conditions won't support their retirement.

Amid all this, there's been a renewed interest in savings rather than investing. There's a trade-off here: with savings, you know what you're going to get out of it - the fun and mystery and possibilities of investing in stocks is no longer there. Without the fun and mystery what you get in return is stability. Those who had a strong savings component in their portfolio didn't wake up to a nasty surprise when the market took a tumble.

If you can afford it, and you have some money to put away, consult with an expert on the best way to diversify your portfolio.

What's worked for you as you've tried to get the most out of your savings?