In the last four years, there was a 6-fold increase in the number of Americans over 55 who had been unemployed for 6 months or longer, a federal auditor told CNSNews.com.
With this increasing number of older workers experiencing long-term unemployment, concerns are growing about their retirement income.
“For 2007, the number of all older workers age 55 and older who were out of work for 27 weeks or more was 188,552; and then in 2011, it went to 1,126,948,” Charles Jeszeck, the director of education, workforce, and income security at the Government Accountability Office (GAO), told CNSNews.com.
“While it is crucial that the nation help people of all ages return to work, long-term unemployment has particularly serious implications for older workers (age 55 and over),” Jeszeck said. “Job loss for older workers threatens not only their immediate financial security, but also their ability to support themselves during retirement.”