Boomers forced into retirement may have to stay there

The U.S. labor market may show small signs of improvement, but the outlook for older workers is not so rosy. The New York Times reports that the number of boomers out of work has almost tripled since the start of the recession. In November, 7 percent of boomers were without work, up from 6.6 percent in October. That’s after three decades of employed near-retirees outnumbering younger counterparts.

Economists at Wellesley College estimate that 378,000 workers will be forced to retire before they are ready as a result of the weak labor market, forcing boomers to dip into savings, and apply for Social Security before they should. Social Security applications increased 21 percent in the fiscal year ending Sep. 30, the Times reports.