The worst U.S. economic recession in 70 years is forcing senior citizens out of retirement, leaving them fighting for jobs in a weak labor market or risk homelessness, according to a private study.
The study by Experience Works showed 46% of the 2,000 low income people over 55 years-old who participated needed to find work to keep their homes.
Nearly half of them had been searching for work for more than a year.
Experience Works is the nation's largest nonprofit provider of community service, training and employment opportunities for older workers.
The study covered 30 states & Puerto Rico.
"These people are at the age where they understandably thought their job-searching years were behind them," said Cynthia Metzler, president and CEO of Experience Works.
"But here they are, many in their 60s, 70s and beyond, desperate to find work so they can keep a roof over their heads & food on the table."
According to the study, many of the participants had no intention of working past their 60th birthday, but had to change plans after being laid-off, or following the death of a spouse.
Over 1/3 of the participants had retired.
90% of respondents 76 years-old & older planned to continue working for the next 5 years.
Huge medical bills, due to a personal illness, or that of a spouse, were also reasons for coming out of retirement, the survey found.
The longest & deepest economic slump since the 1930s is making finding a job for the low-income elderly workers a difficult challenge.
According to Labor Department data, there were 2 million unemployed workers over the age of 55 in August, an increase of 69% from the same period last year.
Between August 2008 and August this year, the number of unemployed workers 75 years-old & older increased by 33%.
The unemployment rate among workers 55 years-old and older was 6.7% in August, after shooting to a record 7.1% in July.
The national unemployment rate was at 9.7% in August.
The Experience Works study found that 46% of the elderly jobseekers were sometimes forced to choose between paying rent, buying food, or medication.
Almost 3/4 believed their age made it harder to compete for jobs with younger workers.
"This study underscores the need to create policies that remove barriers to employment for older workers and provide additional programs and services specifically aimed at helping older people re-enter the work force or remain working," said Metzler.
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Scott Tucker
The study by Experience Works showed 46% of the 2,000 low income people over 55 years-old who participated needed to find work to keep their homes.
Nearly half of them had been searching for work for more than a year.
Experience Works is the nation's largest nonprofit provider of community service, training and employment opportunities for older workers.
The study covered 30 states & Puerto Rico.
"These people are at the age where they understandably thought their job-searching years were behind them," said Cynthia Metzler, president and CEO of Experience Works.
"But here they are, many in their 60s, 70s and beyond, desperate to find work so they can keep a roof over their heads & food on the table."
According to the study, many of the participants had no intention of working past their 60th birthday, but had to change plans after being laid-off, or following the death of a spouse.
Over 1/3 of the participants had retired.
90% of respondents 76 years-old & older planned to continue working for the next 5 years.
Huge medical bills, due to a personal illness, or that of a spouse, were also reasons for coming out of retirement, the survey found.
The longest & deepest economic slump since the 1930s is making finding a job for the low-income elderly workers a difficult challenge.
According to Labor Department data, there were 2 million unemployed workers over the age of 55 in August, an increase of 69% from the same period last year.
Between August 2008 and August this year, the number of unemployed workers 75 years-old & older increased by 33%.
The unemployment rate among workers 55 years-old and older was 6.7% in August, after shooting to a record 7.1% in July.
The national unemployment rate was at 9.7% in August.
The Experience Works study found that 46% of the elderly jobseekers were sometimes forced to choose between paying rent, buying food, or medication.
Almost 3/4 believed their age made it harder to compete for jobs with younger workers.
"This study underscores the need to create policies that remove barriers to employment for older workers and provide additional programs and services specifically aimed at helping older people re-enter the work force or remain working," said Metzler.
To get a free CD on reverse mortgages, please go here right now.
Sincerely, your friend,
Scott Tucker
P.S.: To get a free CD on reverse mortgages, please go here right now.
