Rose Marie Meece planned to retire from her job as a tour leader in Honolulu three years ago. The 78-year-old woman decided to stay after losing about half of the $300,000 in her retirement account during the downturn.

"I did some high-risk things," she said of her investments. She has since moved her remaining savings into bonds and other safe but low-yield investments. Social Security and her late husband's Navy pension barely cover her monthly rent of about $1,300, so she keeps working.

Ms....