In economic turmoil, older workers find themselves postponing retirement

If you were planning to retire any time soon, all the turmoil in the financial markets recently may have given you some sleepless nights. 

Dave Nilson of Galway is just one of those anticipating a downturn and says he's not planning to stop work anytime soon. "I got a long way -- ten or twelve years," he says.

Nilson adds he took his money out of the market years ago, but admits he doesn't have much in the way of savings. "I got out [of the market] and spent it a long time ago."

Consequently, Nilson, like many Americans, wonders if he's looking at many more years in the work force.

"For sure, it's a long way off, but I don't think I'll be able to retire at 65 or whatever, " Nilson says, "I don't think I'll have a choice."

Some of the most telling stories are from people who wouldn't share them on camera. One man said he was planning to retire next year and has sold all his stocks to have cash. 

Still others who have recently retired say they're thinking of finding a part-time or full-time job in retirement.

"We're seeing a dramatic increase in the numbers of people going back to work and delaying retirement," notes David McNally of AARP-New York. In fact, an AARP poll of workers 45 or older found that 65 percent plan to delay retirement.

And if an employer doesn't want to hire the older person, or doesn't want to keep them on staff? "They're making a big mistake," warns McNally. "The older worker comes with experience, expertise, knowledge and education."

AARP is pushing so-called auto-IRAs, which would allow the 50 percent of Americans who don't have any workplace retirement savings plan to set one up themselves.

And in the upcoming election, those issues may be front and center.

"Now is the time," says McNally. "For people who have got to stand up and ask those running to say, ‘What are you going to do about health care? What are you going to do about long-term financial security?'"