The age of unemployment

The 2007–09 recession hit older workers, throwing many into unemployment lines instead of retirement parties.

Growing concerns about the adequacy of retirement savings and whether retirees will have enough money to live comfortably in later life appear to have discouraged early retirement.

The nonprofit Urban Institute released a study examining the necessity for many older adults to keep working during the traditional retirement years and the special challenges that older job seekers face.

Joblessness among older workers has soared in recent months. According to Bureau of Labor Statistics (BLS) data, about 2 million adults age 55 or older were unemployed in August 2009. That’s more than double the number unemployed in November 2007...

Uncertainty about whether workers today are saving enough for retirement further complicates the outlook. New trends in employment, employer-sponsored pensions, and health insurance influence retirement decisions and financial security at older ages.

UI undertook this study to evaluate retirement policies, demographic trends, and private sector practices.

Rising Senior Unemployment and the Need to Work at Older Ages
(Urban Institute, September 2009, pdf, 19pp/160kB)