Long-term joblessness hits older workers hard
The Boston Globe - 03/25/2013
The number of people 45 and older who have been jobless for more than a year has quadrupled since 2007, accounting for nearly half of the 3.5 million Americans out of work for more than a year, according to the US Department of Labor.
This is not a sandy-beaches-and-sunsets type of retirement. After years of financial independence, many must lower standards of living, deplete savings, or rely on spouses’ earnings. The majority are older white men, according to the Labor Department, including many college-educated workers who rebounded from job losses earlier in their careers, only to see employment prospects dim in what should be their prime earning years.