Monday, March 08, 2010

Last Decade Spelled Disaster For Older Workers

Last Decade Spelled Disaster For Older Workers: "Washington, DC—Older workers endured a staggering 331% increase in unemployment over the last 10 years, a new analysis conducted by the AARP Public Policy Institute shows. This dramatic rise in older unemployed workers has resulted in declining financial and retirement security for millions of Americans who have little time to make up the losses.

“The last decade has spelled disaster for millions of older workers who have lost their jobs, seen their retirement savings diminish, and had their health care costs continue to skyrocket,” said Nancy A. LeaMond, AARP Executive Vice President. “The recession has only made this bad situation worse, as the statistics show clearly that older workers who lose their jobs stay unemployed longer than other groups.”

The new analysis of Bureau of Labor Statistics data by AARP’s Public Policy Institute shows a dramatic 331.4% increase in the number of unemployed Americans age 55+ and over from January 2000 through December 2009. For age 65+ workers, the increase in the number of unemployed was lower, but still a massive 235%."

Now add to that the impending collapse of many private and public pension funds. Add to that the meltdown in home equity. Add to that the loss of many public services that I believe will hit all levels of government over the next few fiscal years, as governments make cuts that would have been unthinkable a few years ago. This thing we once called "retirement" could become rather interesting for those now aged 55 to 65.

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