The recession caused 40 percent of older Americans to postpone retirement.
The typical household lost about 5 percent of its total wealth between the summers of 2008 and 2009, according to Brooke Helppie McFall, an economist at the University of Michigan Institute for Social Research (ISR).
"The average person would need to work between 3.7 and 5 years longer than they planned in order to make up the money they lost," she said.
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