Older workers staying employed longer

[NeoConsSuck]

Source: USAToday.COM

The number of people 55 and older holding jobs is on track to hit a record 28 million in 2010 while young people increasingly are squeezed out of the labor market, a USA TODAY analysis finds. The portion of people ages 16-24 in the labor market is at the lowest level since the government began keeping track in 1948, falling from 66% in 2000 to 55% this year. There are now just 17 million in those age groups who are employed, the fewest since 1971 when the population was much smaller.

By contrast, people in their 50s, 60s or 70s are staying employed longer than at any time on record. For example, 55% of people ages 60 to 64 were in the labor market during the first 11 months of 2010, up from 47% for the same period in 2000.

The trend of older people working more and younger people working less is fundamentally reshaping the labor force and slightly easing pressure on government retirement programs. The pattern started before the recession hit in December 2007, partly the result of more women working, and has continued through the slowdown.

"What's striking about this recession is that people 62 and older — those eligible for Social Security — are increasing their participation in the labor force," says Richard Johnson, an economist at the Income and Benefits Policy Center of the non-partisan Urban Institute. All groups younger than 55 have declining shares of the population in the labor force.



Read more: http://www.usatoday.com/money/workplace/2010-12-14-older-workers-employment_N.htm?loc=interstitialskip

[bluerum]

1. Duh. What are we supposed to do? Live on $500 a month from SS?

[spinbaby]

2. I'm older than 55

And figure I'll have to work until at least 70 in order to afford to retire.

[frazzled]

3. Double duh.

People over 62 are staying in the market because they will earn significantly more Social Security if they work longer. They are also more experienced, and 55 or 62 is very young still today: people, unless they have very physically onerous jobs, are often not interested in sitting home in front of the tv today. They want to be engaged in their work and communities. They are experienced and have a lot to contribute.

There's a corollary, however: when workers over 55 are laid off, it is much harder for them to find a new position. And they are often laid off in favor of younger workers who will earn lower salaries.

But let's not start an age war here: all generations are valuable and vital. All have much to contribute to the labor force.

[LibDemAlways]

4. 55 is not old. Many people 55 and over are still trying

to put kids through college and pay off a mortgage - in addition to the many other expenses of day to day life. Things don't magically become cheaper when a person hits 55. For most employment isn't some sort of option. It's a necessity.

[customerserviceguy]

5. If they're lucky enough to hold on to their jobs, they are

You can't go employer-shopping even in a tight job market when you're older, you have to hang on to what you've got, and make the most of it before jumping off the cliff into retirement, especially if you've been wiped out by investment losses, or personal hardships.

[MikeW]

6. ill be lucky to retire by 70

[old mark]

7. I retired at 59, but I had planned to stay till at least 62...If I had stayed longer, I would

have lost most of the money I made by investing, and I would be much worse off than I am today...I got very lucky, and I'm very glad to be out of the whole mess.


mark

[HuskiesHowls]

8. How to fix SS and unemployment in one fell blow???

Simple....remove the earnings cap on the Social Security tax, and lower the retirement age to 62, or better yet....60.

If that were to happen, I know that 25% of the people where I work would be gone in a heartbeat...and new employees would have to be hired.
Its easy, if you don't worry about shuttling all the money off to the uber-rich.