Document sans titre
People are living
longer and healthier lives at the same time that layoffs are increasing and
pension plans are being curtailed. As the era of longevity progresses, unemployment
among older Americans is likely to be a growing problem. In addition to the
traditional male workforce, a larger number of older women will have had substantially
more work experience than was historically true.
mong women without spousal
support (the single, widowed, and divorced), many will find that they must remain
employed if they are to meet their financial needs.
Labor force data for 1965
to 1981 indicate that when older workers became unemployed, they were “less
likely to find a job and more likely to leave the labor force in discouragement”
(Rones 1983).Today, even though older jobless workers continue to face longer
duration of unemployment and less success in finding jobs than younger workers,
the retirement option is less realistic because inflation has not been matched
by the cost-of-living adjustment (COLA) in Social Security and because there
has been a variety of other inroads on retirement security. (Social Security
On-line 2007, 2008)
In the past, discouraged
workers of retirement age often discontinued the search for jobs and retired
on Social Security (often but not always supplemented by pensions).When an older
worker becomes unemployed, it not only cuts incomeand curtails necessary household
spending but also invades financial reserves that were part of an overall retirement
plan. Relations with family members
may suffer when younger family members need their income to keep going themselves
and to pay for their children’s education. On the other hand, commitments
of financial aid from an older family member to younger members may no longer
be possible, and isolation may set in when even transportation costs are an
impediment to maintaining social interactions. Nationally, too, the effects
are significant not only because of the loss of experienced older workers but
also because of the decline in their purchasing power.
>
Download the report
Home
