Bob Andres - MCT

Denise McColister, 55, of Georgia says a retirement that was on track 10 years ago was derailed by an unexpected disability, job loss and erosion of her homes value.

ATLANTA -- A decade ago, Denise McColister envisioned a comfortable retirement around the time she turned 62.

At 45, I felt really secure, the Dallas resident, now 55, recalled. Back then, her husband made good money, and their house was paid for.

Then he became disabled and their house, which they had borrowed against, plummeted in value. Now, instead of padding her financial cushion, shes working a part-time call center job while hoping for a better position. Theres no retirement in sight.

Ill probably be working until Im called home, she said.

Many Americans have had to adjust their retirement dreams since the recession and housing bust. For some, like McColister, the question is whether they can ever retire.

Over 55? Retirement iffy

A study by the Employee Benefit Research Institute determined that 1 in 3 households headed by people now age 55 to 64 wont be financially prepared to retire even by age 70. Lower-income people face the biggest problem.

Its generally accepted that the effects of layoffs, flat-lined pay, declining property values and a turbulent stock market have eroded wealth to the point where many can no longer expect to stop working when theyre 65 let alone earlier.

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Retirement roadblocks mount for many