Unemployment for Americans 55 and older surged 331 percent over the past decade, according to a new analysis by the AARP Public Policy Institute.
“The data clearly shows that older workers have faced a devastating rise in unemployment, with far-reaching implications not only for their employment status but also for their health and retirement security,” said AARP spokeswoman Mary Liz Burns. Burns added that unemployment puts a particularly tough squeeze on middle-aged folks — who often have to provide for kids moving back home after college and elderly parents.
According to AARP, from January 2000 through December 2009, the total number of unemployed individuals 55 and older rose from 490,000 to 2,114,000. The number of unemployed 65 and up rose from 143,000 to 479,000. And the average duration of unemployment for people 55 and up increased 85.6 percent from 18.7 weeks to 34.7 weeks. For people older than 64, the duration went up almost a third, from 24.8 weeks to 32.9 weeks.
huffingtonpost.com