'Just Unbearable.' Booming Job Market Can't Fill the Retirement Shortfall [View all]
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Even though the official unemployment rate is just 3% for older workers, the actual jobs environment is surprisingly bleak. Nearly eight million older Americans are out of work or stuck in low-quality jobs that offer little opportunity to prepare for retirement, a Wall Street Journal analysis of government data shows.
The figures include the nearly 2.1 million Americans who are out of work, working part time because they can’t find a full-time job or have stopped looking because they don’t think anyone will hire them. Another 5.8 million Americans—or 23% of full-time, year-round workers ages 55 and older—are employed in what economists describe as “bad jobs” that offer no health benefits and typically pay poorly. A decade ago, about 20% held these jobs, according to census data compiled by the Minnesota Population Center.
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Even just a few months out of work or living on a depressed salary without benefits can strain a senior’s finances as he struggles to cover mortgage payments, health care and other routine expenses. When a job is lost late in life and it takes a long time to find a new one, it can push back retirement by years or even erase the prospect of retirement completely.
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The reasons companies aren’t hiring older workers are complex. Many have long directed recruiting and training at younger workers. Some older job seekers lack the right skills or are unable or unwilling to relocate, while others are disadvantaged by new ways of recruiting, such as online tools that use key words to identify candidates for interviews. Some job-placement specialists say age discrimination is a factor. Employers may consider older workers more expensive, even at the same pay, because of higher health-care costs.
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The Southeast Michigan Community Alliance in Taylor, Mich., held its first 50+ job fair this spring with AARP Michigan. Job seekers’ qualifications were reviewed before the event to make sure they had the needed skills; 31 of them received job offers on the spot. Most participating companies were in the retail, hospitality and home health-care industries, and offered hourly positions that require applicants to spend the workday on their feet. That was disappointing for attendees seeking “more professional work,” said workforce programs administrator Ana Salazar.
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https://www.wsj.com/articles/even-a-booming-job-market-cant-fill-retirement-shortfall-for-older-workers-11545326195 (paid subscription)
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