Tuesday, March 15, 2005
Over 55 in U.S.? Get Back to Work!
Over 55 in U.S.? Get Back to Work! by Seth Sandronsky
...There are two factors driving the flood of older workers into the labor market, says Baker, who co-directs the Center for Economic and Policy Research in Washington, DC. One is the falling value of retirees' 401(k)s invested in the stock market. Five years ago the stock market bubble burst, falling from its record heights that were supposed to bring prosperity to all forever. Since then, 401(k) retirement pensions have not bounced back to their pre-2000 stock market values. And they remain over-valued by historic averages. Thus retirees' 401(k)s can fall much more, lousy news for them, indeed...
..."In February 1999, there 16,953,000 people over age 55 who were working," Baker says. "Last month there were 22,772,000, an increase of more than 35 percent. This is especially striking since job growth had collapsed for everyone else after March 2001."..
Oh, boy!
...There are two factors driving the flood of older workers into the labor market, says Baker, who co-directs the Center for Economic and Policy Research in Washington, DC. One is the falling value of retirees' 401(k)s invested in the stock market. Five years ago the stock market bubble burst, falling from its record heights that were supposed to bring prosperity to all forever. Since then, 401(k) retirement pensions have not bounced back to their pre-2000 stock market values. And they remain over-valued by historic averages. Thus retirees' 401(k)s can fall much more, lousy news for them, indeed...
..."In February 1999, there 16,953,000 people over age 55 who were working," Baker says. "Last month there were 22,772,000, an increase of more than 35 percent. This is especially striking since job growth had collapsed for everyone else after March 2001."..
Oh, boy!
