Seniors Struggling with Smaller Incomes, Lack of Jobs

Q. I'm a 68-year-old retiree whose pension and savings accounts have taken a real hit during the recession. I think I may need to go back to work, but as a widow past retirement age, what could I do?

Take comfort in knowing that many others share your circumstances. A new study released last fall – Buddy, Can You Spare a Job? – from the MetLife Mature Market Institute reveals that many Americans over the age of 55 plan to work at least until age 69.

It’s true that seniors can face unique challenges. Since the recession began in December 2007, the number of unemployed people 55 and older increased from about 800,000 to nearly 2 million – more than double the previous record, according to the Bureau of Labor Statistics.

Many seniors like you have seen their nest eggs shrink as a result of the recession. And a majority of seniors are receiving a smaller Social Security check this year compared to 2009, according to an annual survey of elderly Americans, released in February by The Senior Citizens League (TSCL). This is not a big surprise, however, since there was no cost-of-living increase in Social Security, while Medicare costs did increase for 2010.

The Social Security check is negatively impacted because many seniors have their Medicare Part D (drug program) or Medicare Advantage premiums automatically deducted. Then, too, Medicare Part B costs, significantly higher in 2010, are also deducted from Social Security.

In spite of these grim facts and figures, Department of Labor projections indicate that the 55+ population will account for almost 93 percent of the net increase in the U.S. Civilian Labor Force in 2006-2016. And there are various jobs that seniors like you can do. For example, Home Instead Senior Care often hires older adults to serve as CAREGivers for other seniors.

Seniors can often relate best to the needs and interests of others their age, which makes them a perfect companionship match. CAREGivers complete a comprehensive training program and the hours are flexible. Learn more about jobs with Home Instead Senior Care by contacting your local office.

For more information about Home Instead Senior Care of Frederick County, visit www.homeinstead.com/627. To read more about the MetLife Mature Market Institute Study, Buddy, Can You Spare a Job? go to http://www.metlife.com/assets/cao/mmi/publications/mmi-pressroom/mmi-buddy-can-you-spare-job-press-release.pdf.