Time to retire? Sorry, there's no pension for you, and you might lose your job

While Richard Fuld pockets anywhere from $300 - $500 million as a bonus, thousands of Americans may lose their jobs with no pensions, no golden parachute to see them through their golden years.

clipped from news.yahoo.com WASHINGTON - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday. "Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis." More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined. "Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said.