Doc Thomas is in London this week but he asked me to share this from the Daily Kos:
I bring you economic news and tonight’s economy rant. The SF Chronicle has an interesting article up on its website, called rather innocuously “Older job-seekers face special hurdles“.
Within a few paragraphs the story goes from innocuous to deathly serious about a massive change in our economy…
“There is a social sea change under way, where retirement itself is being retired,” said Tim Driver, who founded Retirementjobs.com, an online career site for people over 50, in 2006. The site has seen traffic nearly triple, from 250,000 visitors in July to 715,000 in February. “The (economy) is driving the largest shift in the makeup of the workforce since women went to work en masse in the 1970s.”
The hard reality that’s driving this massive shift in the workforce:
“I was fearful about the economic reality for older Americans before the market turned in September,” said Jack VanDerhei, research director of the Employee Benefit Research Institute in Washington, a nonprofit focused on economic security and employee benefits.
VanDerhei, who has analyzed average 401(k) account balances for 22 million Baby Boomers, concluded, “The vast majority of people do not have enough savings to get out of the workforce at age 65.”