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Wednesday, October 19, 2011

Older working Americans hit hard by recession

The under-30's are dealing with high unemployment and limited opportunity and seniors are hit hard by the recession with limited options in terms of earning their way through the recession. And then there's the over-55 crowd who need to still work but struggle to find employment after losing their jobs. All of these scenarios (and more) are terrible which is why Occupy Wall Street is such a no-brainer outside of the political and corporate elite class.
...Americans 55 and older have less time to catch up on retirement savings and recover from housing market losses before they stop working, the Government Accountability Office report found.

In addition, although older workers haven’t been as hard-hit by unemployment, government data show that when they do lose a job, they have a much tougher time finding a new one.

For many older Americans, the most immediate effect of the economic downturn has been the hit to their nest egg. The report noted that many older Americans simply don’t have time to wait for the stock market to recover and home values to start rising again.

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