Rising Senior Unemployment and the Need to Work at Older Ages

Rising Senior Unemployment and the Need to Work at Older Ages

According to a new report from the Urban Institute, unemployment rates for older workers have reached record levels, in part because fewer workers eligible for early retirement benefits are retiring. The report, Rising Senior Unemployment and the Need to Work at Older Ages (19 pages, PDF), found that unlike previous economic downturns, the Great Recession has not spared older workers from layoffs. At the same time, growing concerns about the adequacy of retirement savings — concerns that were magnified by recent sharp declines in the value of stock portfolios — seem to have discouraged many boomers from taking early retirement. In response to the findings, the report argues that new policies should be developed to help address the special challenges faced by older job seekers.