Hardest Times for Boomers in Recession

It’s difficult for many people to find work these days but baby boomers are having the most trouble, according to recent data provided by the Labor Department.

The New York Times published an article over the weekend describing how people in their 50’s and 60’s have lost the most earning power of any age group.

People in that age group had retirement savings and home values fall just before they needed to cash out. At the same time, they are often supporting aged parents and unemployed children in their 30’s and 40’s.

Some in that situation (near retirement age who are not eligible for Medicare and Social Security) are worried about their health and where the next paycheck will come from as they try to make do with the jobs they have now. Others have been looking for jobs to no avail.

There are other problems for this age group. Older workers are more likely to have a disability of some kind and to have been laid off from industries that are downsizing.

When they do find a job, it doesn’t always pay as much as their previous ones.

Some of these workers could go back to school but, even if they could afford it, economists say it is not clear whether older people will get a job due to age discrimination and employers’ feeling it isn’t worth it to invest in a person who might leave the job market in a few years.