Wednesday, October 28, 2009
65 and Up is another great New York Times article by Steven Greenhouse dated Oct. 23, 2009. I bring it to your attention because it reminds us just how difficult it is for older workers to find work. Now, because many seniors saw their 401(k)'s decrease in value, many more seniors are seeking work but cannot find it. As the article states:
Less well known, though, is that nearly half a million workers 65 and older want to work but cannot find a job — more than five times the level early this decade and this group’s highest unemployment level since the Great Depression.
The situation is made more dire because of numerous recent trends: many people over 65 have lost their jobs as seniority protections have weakened, and like most other Americans, a higher percentage of them took on debt than in previous generations.
The expectation once was to pay off your 30-year mortgage before you retired, or come close. Instead, the level of indebtedness among older Americans has risen faster than in any other age group, partly because so many obtained second mortgages to take money out of their homes.
Mitchell H. Rubinstein