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Baby Boomers at Work: Boomer Workers Hit Hardest by Recession
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Boomers have been dealt a triple whammy -- lost equity in their homes, portfolio gains of the last decade severely eroded and now are usually among the first to be downsized and the last to be hired.
Prior to the recession Boomers were among the highest paid managers and producers -- an easy target for downsizing in the face of decreased economic activity. As well, most are carrying a load of debt from mortgage on houses that are 'upside down' and high interest credit card debt.
"The statistics are unsettling. More than half of people 50 and older who carry debt spend most of their monthly income paying it down. An AARP study released before the worst of the current recession hit found that a quarter of those folks spend more than 75 percent of their income on their debts" (Newsweek, Ann Stern, 10/14/09)
The article goes on to advise Baby boomers to keep working until age 79 so they can retain a larger benefit from social Security. This of, course assumes that Boomers have a job to keep working at.
This column will explore Boomer work issues and how to extend and enhance working life as Boomers will likely be working well into their 70's or as long as health permits.
