A survey completed in December and released Wednesday by the U.S. division of Toronto-based Sun Life Financial Inc. shows 54 percent of workers will delay retirement by at least a year because the economy has sapped their finances. Nearly one-fourth said they’ll need to work more than five years.
The survey also shows 67 percent of respondents are reducing their spending. Among them, about three-quarters said they are cutting spending on entertainment and eating out and more than half are putting off large purchases.
The survey shows workers in their 40s have been affected most by the recession with 77 percent of those surveyed in that age group planning to work past 67 to keep health insurance coverage.
A former executive of insurance heavyweight American International Group Inc. was sentenced to four years in prison Tuesday in a fraud case that authorities say cost shareholders more than $500 million.
Christian Milton of Wynnewood, Pa., declined to comment during a hearing in U.S. District Court in Hartford, Conn.
Lawyers for Milton said they are preparing an appeal.
The investigation also led to the convictions of four former General Re Corp. executives last year for their roles in manipulating AIG’s financial statements.
Prosecutors said AIG paid Gen Re in a secret side agreement to take out reinsurance policies with AIG in 2000 and 2001, propping up AIG’s stock price and inflating the reserves by $500 million.
Wind power has seen historic growth and the blessing of President Barack Obama — but it’s far from recession proof.
The American Wind Energy Association reports that the amount of electricity generated by wind turbines grew by 50 percent last year and 55 new manufacturing facilities were built to make turbine components.
But the association sees storm clouds ahead. Last year, the industry gained 13,000 jobs.
But the association says hundreds of people have recently lost their jobs because the credit crunch is delaying wind projects.
The U.S. Small Business Administration’s Philadelphia District Office announced that its Scranton Business Banking Roundtable scheduled for today is cancelled due to predicted inclement weather. The Roundtable—entitled “Lender Update on the Main Street Credit Crunch” — was to be held beginning at 10 a.m. at The Greater Scranton Chamber of Commerce.
The free roundtable will be rescheduled at a time to be announced.