by Michele O’Connor
Great article from Michael Luo at The New York Times;
The recession’s onslaught has come as Mr. Sims and many others belonging to the baby boom generation remain years from retirement. But unemployed baby boomers, many of whom believed they were still in the prime of their careers, are confronting the grim reality that they face some of the steepest odds of any job seekers in this dismal market.
Workers ages 45 and over form a disproportionate share of the hard-luck recession category, the long-term unemployed — those who have been out of work for six months or longer, according to the Bureau of Labor Statistics.
On average, laid-off workers in this age group were out of work 22.2 weeks in 2008, compared with 16.2 weeks for younger workers. Even when they finally land jobs, they typically experience a much steeper drop in earnings than their younger counterparts.
Older workers do hold some advantages, though. Many have avoided layoffs in this recession, and government statistics show that people 45 and older currently have a lower unemployment rate than younger workers.
Alicia H. Munnell, director of the Center for Retirement Research at Boston College, said companies were often reluctant to lose the experience of older workers, many of whom also have protections that often come with age and seniority.
Read the entire article by clicking here.
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