Or, at least that’s what older workers believe.
According to a new survey from AARP, older workers say economy worse than last year. Nearly two thirds of workers in the 50+ age group first surveyed by AARP's Public Policy Institute in 2010 said things had gotten worse by the time the senior lobbying powerhouse followed up in August. Fewer than one in 10 said their view of the economy had improved. The remainder felt like things were close to the same.
According to The Huffington Post’s Arthur Delaney, “Of the more than 5,000 people surveyed last year, 16.7 percent said they were jobless. Nearly the same percentage said they were jobless when AARP caught up with 1,300 people from the original sample this summer. The official unemployment rate for workers older than 55 is 6.7 percent, lower than the overall rate of 9.1 percent. But Labor Department data show older folks who lose their jobs tend to stay unemployed longer. While the overall average duration of joblessness was 38.6 weeks as of last month, for the 55-plus crowd it was slightly over one year. “
An analysis by the Congressional Research Service found that older jobless are more than twice as likely as their younger counterparts to remain unemployed for 99 weeks or longer. Age discrimination is just one factor that older workers claimed is keeping them squarely in the inauspicious “99ers” category—long-term unemployed who have not only exhausted all of their unemployment benefits, but also their benefits extensions.
Savings worries are also widespread. As HuffPost reported, “Sixty-one percent said their savings balances had declined since the start of the recession in December 2007. When they were first surveyed in 2010, nearly a quarter of respondents said they'd already used up all their savings. AARP initially thought people's economic outlooks might have improved. After all, the economy has seen several quarters of (admittedly weak) growth since the recession technically ended halfway though 2009. ‘When the decision was made to do a follow-up survey, the economy appeared to have been improving to such an extent that recession experiences almost seemed like old news,’ an AARP summary reads. ‘By the time we returned to the field, however, there were fears that another recession might be in the offing; the unemployment rate -- while below what it had been a year ago -- was still above 9 percent; average duration of unemployment was on the rise; and the stock market was fluctuating wildly. Older Americans in August 2011 were not very optimistic.’”
Some 80 percent said they fear another recession in the next year and 31 percent are "very worried" about a double-dips recession.
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.
As a result, if you’re an older American experiencing job woes and searching for a way out of the throes of debt and financial despair, knowing a qualified bankruptcy attorney is the first best step to help you or any unemployed person—regardless of age, education or experience—conquer their creditors and face their financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future.
The bankruptcy professionals 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 +1-919-646-2654, 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