IS THIS WHAT OUR MOTHERS & FATHERS FOUGHT FOR??

65 and Up and Looking for Work

By STEVEN GREENHOUSE

It is well known that during the nation’s gale-force recession, many older Americans who dreamed of retirement continued to work, often because their 401(k)’s had plunged in value.
In fact, there are more Americans 65 and older in the job market today than at any time in history, 6.6 million, compared with 4.1 million in 2001.
Less well known, though, is that nearly half a million workers 65 and older want to work but cannot find a job — more than five times the level early this decade and this group’s highest unemployment level since the Great Depression.
The situation is made more dire because of numerous recent trends: many people over 65 have lost their jobs as seniority protections have weakened, and like most other Americans, a higher percentage of them took on debt than in previous generations.
The expectation once was to pay off your 30-year mortgage before you retired, or come close. Instead, the level of indebtedness among older Americans has risen faster than in any other age group, partly because so many obtained second mortgages to take money out of their homes.
This financial squeeze is one reason President Obama has proposed giving a special $250 one-time payment to all Social Security recipients.
Many out-of-work older Americans complain that they face foreclosure or have had to give up their car. (Power more at )