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.
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.