A common recommendation for aging Boomers trying to manage the “retirement crisis” of difficult markets, inadequate savings, expanding life expectancies, fewer pensions and generally poor retirement prospects is to work longer and to delay taking Social Security benefits. Unfortunately, as The Wall Street Journal reports today, doing so may be much easier said than done.
More than four million Americans aged 55 to 64 can’t find full-time work and that number has nearly doubled in five years, according to recent U.S. Department of Labor figures. This group without full-time work now accounts for more than one in six older Americans seeking positions.
Older people also have more trouble finding new jobs. Among unemployed workers older than 55, more than half have been looking for more than two years, compared with 31% of younger workers. Among older workers who found a new job, 72% took a pay cut, often a big one.
This “news” isn’t really new, but it’s awful nonetheless — especially because it offers no easy solution.