Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Retirement Planning > Retirement Investing

Unemployment up for boomers

Your article was successfully shared with the contacts you provided.

Boomers are leaving work at a faster rate than the general population and it’s not for retirement. According to the Bureau of Labor Statistics, the unemployment rate for boomers increased from 6.7 percent in May to 7 percent in June. Boomer men are hit especially hard; the unemployment rate for men 55 and older was 7.7 percent in June, compared to 6.4 percent for women in the same age group.

And it’s not like boomers can just start a new job should they be forced out of work before they’re ready. They could spend as long as 29 weeks looking for a new job. The good news is those boomers lucky enough to still have jobs are pulling in the most cash. The median weekly earnings for younger boomers was $824; the median for older boomers was slightly higher at $840 per week.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.