Over 50 workers are finding it harder to find jobs
Unemployed over fifty workers are increasingly finding themselves having a harder time finding employment then their younger job seekers.
The massive over 50 job seekers are too young to retire and they are also finding they are too old to get re-hired.
Call them the “new unemployables, say researchers at Boston College
In some industries older workers were less likely to be laid off during the economic tough time of the last 5 years, but those who did lose their job are facing tougher conditions than the younger job hunters. Workers in their fifties are about 20% less likely than workers ages 25 to 34 to become re-employed, according to an Urban Institute study published last year.
“Once you leave the job market, trying to get back in it is a monster,” said Mary Matthews, 57, who has teetered between bouts of unemployment and short temp jobs for the last five years. She applies for jobs every week, but most of the time, her applications hit a brick wall.
Older employment seekers are finding employers rarely get back to them, and when they do they often told “you are overqualified” for the position. Is that just a euphemism for you are too old?
Over 50 dying hair and getting Botox before job interviews.
Many older workers are dying their gray hair and even getting Botox done to look younger. Many over fifty are finding that even 20 to 30 years experience is no match for 25-year-olds fresh out of college with business degrees.
Nearly two-thirds of unemployed workers age 55 and older say they have been actively searching for a job for more than one year, compared to just one-third of younger workers, a recent survey by the Heldrich Center for Workforce Development at Rutgers University found.
Millions are expect to outlive retirement incomes
According to the Labor Department; Older workers have the longest time of unemployment. The average time of unemployment for workers ages 55 to 64 was 11 months, that’s three months longer than the average for 25- to 36-year-olds.
Many employers have qualifications that are inadvertently weeding out older candidates. This also keeps the employer out of trouble with age discrimination laws
“When there’s a large supply of unemployed workers, employers can afford to be choosier, and they’re opting for workers they think are less expensive or more recently trained,” said Sara Rix, senior strategic policy advisor for AARP’s Public Policy Institute.
That’s a hard reality for older job-seekers. When you’re over 50, you’ve had a lifetime of hard work, you’ve played by the rules, and now you are finding that the rug has been pulled out from under you.
With so many older workers finding it hard to find work they are also faced with the reality that they have NOT saved enough for retirement.
Hard times are looming for millions of people who haven’t saved enough for their retirement, according to a new global study by HSBC
With household incomes under pressure from the recession, unemployment and higher taxes, more than half of the world’s working population is not prepared for retirement. Nearly 20% of the working population is not able to save anything at all.
People are living longer, through tougher economic times, but expectations about their standards of living in retirement are dismal. As a result, millions of people around the world are facing years of hardship after their savings run out.
On average, people across the world expect retirement to last 18 years — but they expect savings to run out after 10. U.S retirees expect their savings to last 14 years out of a 21-year retirement, leaving a shortfall of 33%.
The number of people over the age of 65 is expected to increase by one billion by 2050 — most are finding they have more than the normal two options: Work longer or save more. Unemployed over 50 and workers nearing retirement are now moving to making up the retirement difference or the employment dilemma with making money from home. They are choosing to be their own boss.
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Tags: over 50 not ready for retirement, unemployed, unemployed over 50
