You are here

Many Americans can't retire as rates slump

Workers 65 and older are the only group in the US who are increasingly employed or looking for jobs

BT_20140331_HXBLOOM31_1022133.jpg
Mr Gross: The 69-year-old co-founder of Pacific Investment Management Co says that feeble returns on the safest investments such as bank deposits and fixed-income securities represent a 'financial repression' transferring money from savers to borrowers. - PHOTO: BLLOMBERG

TWELVE years after retiring as a telephone repairman, Roger Wood clocks 12 to 15 hours a week at a Lowe's Cos hardware store near Glen Allen, Virginia. "About the same amount I made 30 years ago," Mr Wood, 69, says of his US$12 hourly wage. "I'm worried about my portfolio because of low interest