65 and Up and Looking for Work
The New York Times, October 24th, 2009
It is well known that during the nation’s gale-force recession, many older Americans who dreamed of
retirement continued to work, often because their
401(k)’s had plunged in value.
In fact, there are more Americans 65 and older in the job market
today than at any time in history, 6.6 million, compared with 4.1
million in 2001.
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.
This financial squeeze is one reason President Obama has proposed giving a special $250 one-time payment to all Social Security recipients.
Many out-of-work older Americans complain that they face foreclosure or have had to give up their car.
“It’s a big deal for a lot of these people not to find a job,” said David Certner, legislative policy director for
AARP.
“That so many of them are still trying to find work shows how bad the
economic situation is. A lot of people normally give up at that age.”
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