Market Fears in Sun City
By Travis Fox
SUN CITY, Ariz. -- When the stock market drops, Barbara Eylands worries. She estimates that as much as 80 percent of her life savings is in the stock market. This is the money that she uses to put food on the table or gas in the car.
"I'm just hoping it will go up again and I don't outlive my money," Eylands says.
With more than 40,000 people, Sun City is the country's largest retirement community. And the financial downturn is affecting many of these seniors directly. For people like Eylands who are living off the proceeds of an IRA or 401(k) that is invested in the stock market, a market crash could be life changing. Eylands says she could always sell her house to raise money, but others aren't so lucky.
"I've known people who've lost their pensions and they've had to go back to work," says Lois Nelson, "and it's not real easy for a senior to find a job."
Posted at 12:12 PM ET on Oct 16, 2008
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