By Sandy Morris on Apr 22, 2009 in Baby Boomers, Wealth-N-Retirement
Boomers are being hit hard by recession on all fronts. Not only has their retirement accounts been sinking faster than the Titanic but they are also having a tough time finding jobs to fill the void in their savings.The lucky one is Ken Karpman who at least has time on his side to replenish his retirement accounts but at $7.29 per hour delivering pizza it will probably take a very long time.
| Baby boomer bloggers, myself included, have commenting on it for months: It’s difficult for boomers to get hired in these tough economic times. |
| Workers ages 45 and over form a disproportionate share of the hard-luck recession category, the long-term unemployed — those who have been out of work for six months or longer, reports The New York Times in the article “Longer Unemployment for Those 45 and Older.” |
| On average, laid-off workers in this age group were out of work 22.2 weeks in 2008, compared with 16.2 weeks for younger workers. Even when they finally land jobs, they typically experience a much steeper drop in earnings than their younger counterparts, according to the Bureau of Labor Statistics. |
| ABC News recently told the story of Ken Karpman, a 45-year-old former equity sales trader who earned $750,000 a year. He now delivers pizza for $7.29 an hour. |
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Tags:
Ken Karpman,
new york times,
retirement account,
The New York Times,
lucky one,
equity sales trader,
delivering pizza <BR/>
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5 Comment(s)
By Franco on May 31, 2009 | Reply
You two are doing a GREAT service to people (specially Baby Boomers) by focusing on a solution! We get bombarded with how many different ways the sky is falling right now, and I’m not saying there aren’t serious challenges…
But your focus on giving people ways to solve these challenges is awesome!
Great Blog!!
Franco
By SuccessExpress on Jun 12, 2009 | Reply
So right you are! There is much sharing which can help Boomers find answers and deliver them from the economy and the “Sandwich Generation”. We are Boomers and share health and wellness as well as financial opportunities along with encouragements and news. Glad to share and thanks for sharing!
By Jacee on Aug 15, 2009 | Reply
i am hoping that the global economy would recover from this economic recession. life has been very hard with these massive job cuts.
By Trinity James on Apr 28, 2010 | Reply
Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. ~
By Hannah Petry on Aug 14, 2011 | Reply
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