The national unemployment rate is not just affecting recent graduates and middle-aged Americans, but also the baby boomer generation, according to a new report. Many boomers who have decided to go back to work – either to recoup assets lost during the financial meltdown or to supplement their retirement – are finding it increasingly difficult to find a job, USA Today reports.
Citing information from the Center for Retirement Research, a large number of employers are hesitant to hire older workers from the boomer generation – putting the nearly 79 million Americans born between 1946 and 1964 in a precarious position. USA Today reports that the unemployment rate for the boomer generation jumped to 7 percent in the second quarter of this year from 3 percent during the same period in 2008. Additionally, many older Americans who were able to secure employment were forced to search 10 weeks longer than those aged between 16 and 24 years.
While most jobless Americans may be struggling financially regardless of age, retirement-aged individuals face a unique situation. While some may have paid down their auto or mortgage loans, they may also have taken on other types of costs. In additional to facing more difficulties in securing a job, many are living solely on a fixed income from personal savings or Social Security, putting them at risk of running out of money to meet their daily expenses. Additionally, older Americans may have additional health problems or medical bills that further drain their limited income.
If the trend continues, many older Americans may start joining the ranks of those seeking consumer credit counseling in order to create a tighter budget and learn how to reduce spending.
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