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.