The job market at the moment is still uncertain. However, professionals 55 and over seem to be working harder and longer than their younger counterparts.
According to the website TVCrossing.com, it seems that professionals under 55 are getting hit the most by this recession and cannot find work particularly because the positions that may have been ideal for them are now held by older employees who are deciding to remain at their jobs for longer periods of time. In addition, many positions that these individuals may be suited for are either being eliminated, repurposed, or divided among younger workers that are willing to work for less pay.
The total number of workers, ages 55 and up, are estimated to be holding around 3.9 million jobs in the U.S. On the other hand, professionals under 55 are coping with a decrease of around 8.1 million jobs. The baby boomer generation seems to be hanging on to their jobs longer, because they need the funds, particularly in an economy that is so unstable. Furthermore, the site believes that the over 55 generation may be desperate "to hold onto their 401k as long as possible, not knowing how the future will turn out." While this manner of thinking is understandable, the decisions being made by the baby boomer generation may be causing their younger peers more trouble to find work to benefit their futures.
Employment, according to the site, is decreasing for those who are under 55 years old, while it is surging for their older counterparts. In addition, workers over the age of 70 are also extending their years of employment. The recession has decreased the number of workers at ages 62 and older looking for employment and had increased the amount of workers, in this age group, claiming Social Security Benefits. Nonetheless, the number of older workers retiring early from their work has largely gone down dramatically, and is currently at the lowest level that it has been in since the mid-1970s.
Furthermore, the site concludes that older workers are also staying in the workforce out of fear that their social security checks will not last well into their 80s or 90s. As a result, they have remained in their positions "to ensure their own financial security."
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