By Marcia Heroux Pounds
Original Link: Sun-Sentinel, FL 09.03.11
September 03, 2011
More 62-plus workers are hanging on to their jobs this Labor Day, and if they lose them, they're seeking new ones to supplement their diminished income.
Since 2001, the number people staying employed after age 65 has swelled by 58 percent to over 6 million, according to the U.S. Bureau of Labor Statistics. With the oldest Baby Boomers turning 65 this year, there was supposed to be a mass exodus from the workforce, creating more jobs for younger workers.
But with continued high unemployment, wild stock market swings affecting workers' retirement savings, and many South Florida seniors unable to sell their homes, the number of working seniors seems poised to grow.
"We've gotten back some of the financial wealth, but home equity has not come back," said Sean Snaith, economist at theUniversity of Central Florida. As a result, state residents seeking to retire may move to areas that offer a lower cost of living, and the overall flow of retirees to Florida is likely to be reduced.
For seniors needing work, the environment is challenging, Snaith said. "Someone at that age bracket is likely to command a higher salary and represents a greater risk, as opposed to an entry-level person."
Helen Hecht, 74, of Boynton Beach, has been looking for a new retail sales job since she lost her job in February at a luxury department store in Boca Raton. Her primary income now is $1,200 a month in Social Security. She's receiving about $1,000 a month in unemployment benefits, but those will soon end.
Her husband Martin died suddenly 11 years ago and didn't have any life insurance.
"I like to work," said Hecht, who used to make about $14 an hour, plus commission. "I do not like collecting unemployment. I would prefer any kind of a job at any salary almost," she said.
Often, when older workers lose jobs, it takes them longer to find new positions.
"[Seniors] are much less likely to find a job after they've been laid off than younger people," said Richard Johnson, director of program of retirement policy for the Urban Institute.
In Florida, 60 percent of older workers are out of a job for longer than six months, compared with 38 percent of younger workers, according a report released Sunday byFlorida International University's Center for Labor Research.