View Research by Author - Janice Park

Publications

The recession has increased joblessness among older Americans. These graphs and tables report unemployment rates and how they have varied by age, sex, race, and education since 2007.

The number of people of color in the workforce will soar in coming decades as the older population expands, grows more diverse, and works longer. However, African Americans and Hispanics age 50 and older face substantial workplace challenges, including relatively low earnings, high unemployment, and limited access to self-employment. Older Asians fare better, but still lag behind their non-Hispanic white counterparts along many dimensions. This data brief shows how recent trends in labor force participation, earnings, self-employment, and unemployment vary by race and Hispanic origin for adults age 50 and older.

Most Americans will eventually need long-term care, which is often expensive and not usually covered by public programs until recipients have nearly exhausted their savings. In 2009, 5.2 million Americans age 65 and older not living in institutions had long-term care needs. Yet, only about 1 in 10 Americans age 55 and older had private long-term care insurance in 2008. Coverage rates were nearly twice as high among those with annual incomes in excess of $100,000. Private insurance covered only 7 percent of the $240 billion in U.S. long-term care costs in 2009. Nearly a fifth were paid out of pocket.

Unemployment rates remained high for the 47.5 million workers age 50 and older in 2010. More than half of unemployed workers this age were out of work for more than six months, and nearly a third were out of work for more than a year. Workers age 50 to 61—too young to qualify for Social Security retirement benefits—have fared worse than those age 62 and older since the Great Recession began in December 2007. This data brief shows recent trends in unemployment, employment, labor force participation, earnings, and unemployment duration.

Job loss during the Great Recession is upending retirement savings plans for many older workers. Fewer than a quarter of workers age 50 and older who lost their jobs between mid-2008 and the end of 2009 found work within 12 months, much lower than the reemployment rate for younger workers. Older displaced workers who find jobs must often accept deep pay cuts. These challenges highlight the need for more training and employment services for those 50 and older.

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