CHICAGO -- A decade ago, Christopher Thornton, a high-level recruitment specialist, thought he would retire in 2012. He envisioned traveling, volunteering, maybe working part-time just for fun.

But those retirement dreams have been dashed. Since the economic downturn, his pricey Chicago town house has lost nearly a fifth of its value. He said his investments, though slowly recovering, at one point had been gouged by 45 percent.

Still, Thornton, 59, counts himself among the lucky ones. He's seen too many friends lose their jobs and their health care, and exhaust their savings.

"Every morning I wake up and I fear I might be next, and it's unsettling," he said. "At the beginning of your career, you think there's a start date and an end date. And now for a lot of people in my generation, there's no end date in sight."

Americans of every generation are readjusting their expectations in the wake of a devastating recession. And none more so than the nation's baby boomers, who are reaching the traditional retirement age and finding it means only more uncertainty and more work.

Many are scared, but others are angry. They played by the rules, had successful careers, cared for their families and sacrificed for retirement. Then the recession ate away at their investments and home value, and in some cases swallowed up their jobs. Now comes an election in which Medicare, Social Security and other entitlement programs are on the

As baby boomers scramble to recoup their losses, perhaps what has eroded most is their confidence and faith in the American dream. And many aren't sure Washington has the ability or will to restore either -- despite the many campaign promises aimed at this huge group of voters.

Steven Sass, associate director of the Center for Retirement Research at Boston College, said the job picture for older workers has undergone a major transition, and politicians, employers and employees have not yet adjusted.

"What has happened is really shocking," said Sass. "In 1983, once you got to age 50, about 68 percent of all full-time workers stayed in the same job until retirement. You didn't leave unless you were fired."

But in recent years, only half of workers have retired from the same company that employed them when they were 50,

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Retirement dreams deferred