You Can’t Delay Retirement If You Don’t Have a Job – 09/30/2011

For Your Entertainment (FYE)  ;+)

http://www.cnbc.com/id/44179190

“It’s become fashionable to say that longer life spans mean average Americans work well into into their 60s and possibly their 70s—what was once considered the early retirement years. The problem is, few prospects await most people who need or want to stay in the workforce.”

““The harsh truth is that most employers have no great enthusiasm for gray hair,” said Alicia Munnell, the director of the Center for Retirement Research at Boston College. “They prefer younger workers.”

Increased hiring in the health-care sector will address some needs, but hardly all. For most retirees looking to work longer, the landscape is bleak.

The number of unemployed workers aged 65 or over has more than doubled since 2007, to 6.7 percent from 3.3 percent, according to the Bureau of Labor Statistics. For ages 55 to 64, the jobless rate has also more than doubled in the same time period to 7.1 percent from 3.1 percent.

The data suggest two very different forces are at work: One is that older workers are losing their jobs at a faster pace than younger ones; the other is that retired workers—some of whom left posts willingly years ago—have been forced to re-enter the workforce and are looking for jobs.

“There are not a lot of jobs out there,” says Munnell. ”

 

“”If you’re an older worker with experience in information technology, the door also is wide open. Health-care reform is putting a heavy emphasis on electronic record keeping,” says Vic Buzachero, vice president of human resources for Scripps Health, which uses senior placement agencies to target mature workers and retirees. “A lot of money moves through the health-care system.””

 

“Scripps Health, which encourages people to work longer, is profiting from the current economic downtown.

“Fortunately for us, the recession has pulled people back into the workforce who had retired,” says Buzahero of Scripps Health.

That, too, appears to be something of an exception at this point. Many companies still are not hiring, including sectors traditionally hospitable to seniors, such as retail, where high and rapid turnover is an operational problem.”

 

“”It’s really hard for older people to find work under the best of circumstances,” says Boston College’s Murrell. “We don’t expect normalcy for a while.””

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