A recent survey from Consumer Reports finds that many older workers are cutting back on spending and taking other steps to rebuild retirement accounts battered by heavy stock losses.

The magazine surveyed over 19,000 subscribers aged 55-75 and found that more than half of them had cut back on things like restaurants and entertainment. Another third said they were reducing credit card use sand cutting back on groceries and other household goods.

"When bad investments happen to good people, they have to work harder to slash debt, cut spending and save more," Noreen Perrotta of Consumer Reports said in a statement.
The magazine offered some tips for workers of all ages hoping to build up their retirement accounts regardless of the current economic conditions.

Those approaching retirement age were advised to try to earn extra money to put towards retirement by taking a part time job and to consider staying with any prior plans that may have been in place before the recession to move to more affordable places or homes.

Other workers were advised to continue contributing to retirement plans and to be extremely cautious about borrowing, while younger workers were encouraged to have diverse investments and to take a long-term approach to investing in the stock market.

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