Older Worker Unemployment Rate Better than Others, but Seniors Still Struggling

image The New York Time’s recently reported that 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 says the Times.  This is more than five times the level early this decade and this group’s highest unemployment level since the Great Depression.

Many of people in this age group had hoped to have their mortgages paid off by retirement, but 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.

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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.”

The NY Times also released an interactive graphic which allows users to see unemployment rates for groups of people.  Check it out.

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65 and Up and Looking for Work (New York Times)

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  • Because so many, including lawmakers, counselors, tv “experts” and government officials have portrayed RMs as 'loans of last resort,' many of the seniors who come to us come either too late for us to help them at all, or too late to help them without significant problem solving.

    Reverse mortgages are not for every senior, but every homeowning senior should look at them as a significant planning tool for their retirement years before they get into financial hot water or health difficulties. And every financial planner should be begin looking at them in that way as well. They are not a sugar pill for all that ails a senior homeowner or a magic pie in the sky problem solving way to get money out of your home provided by the genie of the federal government. They are highly regulated loans against the senior(s)' homes which do not require payments. But the longer a senior holds off at looking at RMs and informing themselves of this option because of the negative publicity that has been generated, the more risk there is the last resort may not be available to them when they need it.

    Maybe all of us, from the government to those who continue to knock the reverse mortgage product to those in our industry who have continually fought changing their advertising tactics should take a step back and review what we can do in today's climate to calm the rhetoric and help these seniors who are finding the job climate harsh and the lending climate bleak. A one time $250 Social Security payment is surely not the best we can do.

  • Well written, Louise 321. Perhaps another step Private Enterprise AND
    the Government can take is to create special employment programs to
    put Seniors to work, even part time. Medicare could hire thousands of Seniors to track down and expose Medicare fraud–read the latest article on Medicare fraud in the current AARP Bulliten: Shocking. Perhaps the Government could give private enterprise (especially Life and Health Insurance Companies where Seniors could perhaps work at home with a computer) special tax incentives to create employment programs.

  • jamesanelson,

    Despite your horrible alias, once in awhile, you come up with a very good idea. Who knows more about Medicare issues than seniors.

    An originator I know did a reverse for an FBI volunteer. That senior helps the FBI with fraud against seniors that crosses state lines. He has received many awards and has some interesting stories. He keeps him invigorated, vital, and involved.

    Having a core of trained working desks would free up field investigators. Great idea, jamesanelson. Sometimes you are a blowhard and then others….

    • Andrew,

      Whenever anyone who uses an alias on this website challenges Mr. Nelson, he always attacks their use of an alias. It never once dawned on him, until I pointed it out, that jamesanelson is an alias just like The Critic is one.

      Mr. Nelson enjoys pontificating with language that no Pope that I am aware of is ever been quoted as using. Once in awhile, however, he comes up with some terrific ideas.

      Critics say positive things and negative things about what others do or say in the public arena. Unfortunately people make their public expressions in a manner that cause critics to write more negative than positive.

    • Too bad it is not automatically a required appropriation. For every new provision, there should be a required appropriation to investigate the fraud that will begin occuring shortly before passage.

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