The two groups of people having the hardest time getting jobs: young people just entering the market and those over 55

John Lott by John Lott on May 25th, 2012

This is article 68 of 117 in the topic Unemployment

Previously, I posted this on how horrible the job market is for young people.  Now there is this on those over age 55.  From Fox News:

About 55% of jobless seniors, or 1.1 million, have been unemployed for more than six months, up from 23%, or less than 200,000, four years earlier, according to a Government Accountability Office report released on Tuesday. . . .
More seniors with jobs expect to work longer, according to the Employee Benefit Research Institute, and just 14% say they believe they can retire comfortably. . . . .
For example: an individual with a defined contribution plan who stops working at age 55 instead of age 62 would see a 39% drop in median-level retirement income, from $817 per month to $500 per month, according to the GAO, which did not take other retirement income sources into account.
Another similar worker would see a 13% drop in median Social Security retirement benefits from $1,467 to $1,273 a month. . . .

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