Despite Recession, More Older Americans Employed
In part because they have to be
By Kevin Spak, Newser User
Posted Jan 13, 2012 2:12 PM CST
More elderly people are working, despite, or perhaps because of, the recession.   (Shutterstock)

(Newser) – The good news is that at least one segment of the population has seen its employment statistics actually rise in this economic downturn. The bad news? That segment is older Americans, many of whom are only working because they're afraid they don't have enough savings to retire, the Washington Post reports. Since the start of the recession, the number of workers aged 55 and older has shot up by 3.1 million, or 12%.

That's in part because the country is getting older, and because jobs have grown less physically demanding, allowing people to work longer. But another major factor is that 401(k)s have largely replaced company pensions, making retirement riskier—an August AARP poll showed that 57% of Americans older than 50 had become less confident about their ability to retire since the recession. "Fear is a wonderful motivator," says one retirement researcher. "Some of these people are just clinging by their fingernails to jobs."

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Showing 3 of 14 comments
Jan 17, 2012 10:50 AM CST
What the hell is so good abut having Seniors work until they die. The guy that made this statement must have his head up his ass.
Jan 14, 2012 8:59 PM CST
"Fear is a wonderful motivator"? I think that retirement researcher needs some sensitivity training. Fear may be an effective, powerful, unrelenting motivator but "wonderful? I think not.
Jan 14, 2012 6:56 AM CST
thats why i see so many greeters walmart