Sure hiring is up in many sectors, unemployment rates are dropping and the economy appears to be on the mend, but for many older Americans over the age of 55, who are currently out of work, prospects are poor for ever returning to the workforce as quickly as before the Recession.
Based on an article by reporter Arthur Delaney for The Huffington Post, the average jobless spell for older unemployed workers is now over a year, leading many to look for other options to subsidize mortgage notes, consumer debt loads, as well as rising medical costs.
“According to Friday's jobs data from the U.S. Department of Labor, older workers gained 203,000 jobs in April, while the 25-34 cohort lost 184,000 jobs and workers aged 35-34 lost 164,000. The unemployment rate for older workers held steady at 6.5 percent from March to April, even as the overall jobless rate rose slightly to 9 percent. Yet according to an analysis of the Friday numbers by the AARP Public Policy Institute, the average jobless spell for the 55-plus crowd lasted 53.6 weeks in April, compared with 51.5 weeks in March and just 20.2 weeks at the beginning of the recession in December 2007. The average bout of unemployment for workers younger than 55 is 39.5 weeks, AARP said.”
As a result, if you’re out of work and over 55, you’re likely having a tough time finding a job. And whether the culprit is that less people are needed to do the jobs matures are looking for, employer fears that older workers are less savvy in the latest skills or technology, or more blatant instances of employment discrimination as when employers attempt to avoid helath costs associated with older workers, this national employment crisis among older applications would explain why more than forty percent of all consumers who file for bankruptcy are of the Baby Boomer generation.
Once the group garnering the highest salaries, Baby Boomers who are now currently laid off, find it harder to find replacement work; an interview with a prospective employer can often be met with the rude awakening that they’re overqualified for the position or are not properly prepared for the a job that includes new technology, new skills, or new connections. When these mature Americans do find work, they often are employed for a fraction of what they were making before being laid-off. As a result, in order to make ends meet, they must dip deeper and deeper into their savings and retirement, jeopardizing their future, and dwindling the only coffers left short of high-interest credit cards.
Without income, and savings, more and more matures turn to credit cards just to get by. As we all know the “pay-with-plastic” method is rarely sustainable and suddenly bankruptcy is the best choice for Baby Boomers who went bust as they reach retirement age.
If you’re an older American who is facing unemployment or underemployment, and are already finding yourself in dire straits, knowing a qualified bankruptcy attorney is the first best step to help you regain your power, savings and retirement—all with the right kinds of support, information and insights—at a low cost— for a more secure future. The bankruptcy attorneys at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to 1-888-234-4181, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.