Tuesday, May 22, 2012

Bumper Crop of Working Seniors

“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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