In Hard Economy for All Ages, Older Isn’t Better ... It’s Brutal

Posted by Kendall Harmon

...the Labor Department’s latest jobs snapshot and other recent data reports present a strong case for crowning baby boomers as the greatest victims of the recession and its grim aftermath.

These Americans in their 50s and early 60s — those near retirement age who do not yet have access to Medicare and Social Security — have lost the most earnings power of any age group, with their household incomes 10 percent below what they made when the recovery began three years ago, according to Sentier Research, a data analysis company.

Their retirement savings and home values fell sharply at the worst possible time: just before they needed to cash out. They are supporting both aged parents and unemployed young-adult children, earning them the inauspicious nickname “Generation Squeeze.”

Read it all.

Filed under: * Culture-WatchAging / the ElderlyHealth & MedicinePsychology* Economics, PoliticsEconomyLabor/Labor Unions/Labor MarketPersonal FinancePensionsThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. GovernmentMedicareSocial Security* TheologyEthics / Moral Theology

Posted February 5, 2013 at 12:08 pm [Printer Friendly] [Print w/ comments]

1. Scatcatpdx wrote:

This is the specter I face 52 no retirement savings 20,00 debt. I feel we cause of our own demise with rampant consumerism (buy now pay latter)  and over reliance on entitlements. I am tempted to just “go up to the mountain to die” when the time comes.

I think there are things we can do better, One is lean to become self sufficient; one thing on my list is to take business classes, entrepreneurship is no longer an option it becoming a survival skill.  If I can find a job at 62 I better have the skills to make one. There are plenty of low impact work one cant think of doing like customer support.

February 5, 4:44 pm | [comment link]
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