Forced back into the job market?
NEW YORK, NY -- In today's world, many of those who, either through choice or misfortune, don't have the resources they need to retire comfortably are being forced back into the job market. During past recessions, older workers simply would have retired rather than searching want ads and applying for jobs. But these days, with outstanding mortgages, bank loans and high medical bills, many of them can't afford to be out of work.
With jobs so scarce, people in their seventh and eighth decades are up against those half their age in a desperate scramble for work. As people live longer and stay in better health, some of them merely want the stimulation and challenge of a job. But for most baby-boomers, the motivation is financial necessity.
Fewer people than in years past are covered by benefit plans or pensions. Those with retirement investments have seen their values erode with the stock-market tumble. Many are outliving whatever savings they might have had, especially by the time they reach their mid to late 70s. Mortgages and medical bills push others into the job market because Social Security and Medicare, though helpful and critical, aren't enough.