“All Used Up,” performed
by Utah Phillips
As pensions
are gutted, retirement ages raised, and nest eggs still enfeebled by the
recession, more and more people are finding they cannot afford to retire. The New York Times reported this week that recent Labor
Department figures show that the percentage of workers toiling on past the age
of 65 is at a record high.
For the
first time in 30 years, more than 10% of men over the age of 75 were employed,
while nearly 5% of women that age were working. At the same time, employment
for men under 55 fell sharply during the recession and is only now starting to
recover, while the number of unemployed women under the age 55 hit its lowest
level in two decades.
The Times
also reported that overall household net worth declined by 15% during the
recession—one of the reasons why so many people no longer can afford to retire.
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