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