Older Americans and Seniors Face Employment Difficulties

The high cost of living in many areas combined with the number of people older adults and seniors may have dependent on them financially, retirement savings and Social Security payments are increasingly becoming insufficient to comfortably fund an individual’s senior years indefinitely.  As a result, many older Americans are either delaying retirement or returning to the workforce after retirement.  However, many are finding difficulty both finding and retaining jobs.   

The unemployment rate for older Americans has doubled since 2007.  The age group of individuals who are 55-years-old or older experienced a leap from an unemployment rate of 3.1 percent at the end of 2007 to a recent rate of 6.2 percent of older adults seeking employment.  While this rate is lower than the national rate of 8.3 percent, the average length of time it takes an older adult to find a job is nearly 4 months longer than that of someone under the age of 55.

The possibility of age discrimination is a reality for seniors and older adults seeking employment.  Possible explanations for employers’ reluctance to hire older Americans include prospective higher health care costs for aging employees, and preferring to seek younger workers who may be willing to work for less pay and will be able to work for longer.  The result is an increasing number of seniors who may require financial assistance from their children or even their own parents if they are a member of the “sandwich” generation.  Meanwhile, other older adults find themselves responsible for the expenses of their own children and parents, and being unable to find employment or having to accept a wage decrease is devastating to their finances.