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As soon as you reach retirement age, you plan to bid adieu to your boss and co-workers and hit the beach for some care-free, lazy days in the sun. Not so fast. Upon closer inspection of your retirement funds, you notice that your home value is falling, your 401(k) is dwindling and your IRAs are gasping for air.
Thanks to the worst recession in a generation, nest eggs across the nation are shrinking and would-be retirees are finding themselves in a sticky situation. In 2007 and 2008, the tumultuous stock market caused Americans to lose a whopping $2 trillion in retirement savings in just a 15-month period. In the darkest part of the recession, household net worth plummeted from $65.9 trillion to $48.3 trillion.
So, it looks like you’ll have to pack up your Speedo, put away the sunscreen and get back to work. But wait. There is another option. Recent research estimates that 2.8 million American employees work from home, and this number is growing. And that doesn’t even include self-employed workers. So maybe you can have your beach and lay on it, too.
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