The New York Times is reporting that a growing number of people in their 50s and 60s who desperately want or need to work in order to pay for retirement are starting to worry that they may be discarded from the work force — forever.
Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six months or longer, according to the Labor Department. The unemployment rate in the group — 7.3 percent — is at a record, more than double what it was at the beginning of the latest recession.
The most recent recession has increased the need to extend working life. Home values, often a family’s most important asset, have been battered. Stock portfolios are only now starting to recover. According to a Gallup poll in April, more than a third of people not yet retired plan to work beyond age 65, compared with just 12 percent in 1995.