Unemployment Hits Older Americans Hard
Posted on Feb 03, 2013
If you're unemployed right now, it's hard enough to make ends meet. But it's even worse if you're nearing retirement age.
According to the Department of Labor, baby boomers have been hit particularly hard by the recession and resulting unemployment rates.
There are a lot of reasons for this happening, including:
- baby boomers are more likely to own a home already and thus be unable to move around easily
- older workers sometimes have less time, money, or capacity to learn a new trade at whim
- age discrimination does exist, and can be brutal
- layoffs are occurring because of downsizing - the market isn't just getting more competitive; it's actually getting smaller
The financial toll on unemployed workers nearing retirement age has reached tragic proportions.
These are men and women often trying to take care of unemployed children and elderly parents on one or no income. Their home values bottomed out right before they retired, when they needed the investment to come through for them the most. And as they face normal medical challenges that come with age, they simply don't have the funds to get quality health care.
Many baby boomers are opting to take out Social Security early, which can lower their monthly income by as much as 1/3 for the rest of their lives. Some are applying for disability. Some are going deep into credit card debt and unpaid medical bills just to keep things afloat.
When they do find work, older Americans are discovering the compensation is normally lower, the job more boring or unrelated to their skills and training, and the benefits unsubstantial - a rough welcome back into a job they fought far too hard to get.
Castle Law Office has been helping residents of the Kansas City metro get a fresh financial start for the past 14 years. Call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.