Tuesday, May 15, 2012

Report: Grim Outlook for Unemployed Older Americans

Posted By on Tue, May 15, 2012 at 8:50 AM

A government report, to be released today, reveals that the number of long-term unemployed workers aged 55 and older has more than doubled since the recession began in late 2007. And according to a report from Reuters, the seniors' chances of re-entering the workforce are grim.

The Government Accountability Office report says that about 55 percent of jobless seniors - approximately 1.1 million people - have been unemployed for more than six months, up from 23 percent four years earlier. The GAO also found that years of lost work significantly reduced retirement income.

Conversely, those senior who have been lucky to keep their jobs expect to work longer, according to the Employee Benefit Research Institute.

The AARP described the plight facing older Americans as "a perfect storm" - low savings rates, shrinking pensions, lower home values and longer lives.

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