The New Face of Unemployment - Baby Boomers

More and more baby boomers are finding themselves without a job.

We all know how tight the job market has been over the past couple of years. With an unemployment rate that is stuck at 10 percent and a reported 14 million Americans out of work, the odds are good that you or someone you know is looking for a job right now.

In most news reports, there isn't much discussion of who these 14 million people are. Although we would all like to think that they are college graduates or young professionals, the truth is even more frightening. According to a recent report at Fiscal Times, the ones who are being hardest hit right now are baby boomers.

The article talked about a 61 year old product marketing manager who was laid off from his job last year. As he struggles to find a new job, without much luck, he is also having to deal with a retirement account that has lost more than half its value due to the variation in the stock market. Not only that, but he has been forced to tap into those funds in order to pay bills and survive while he looks for employment.

He's not alone. Millions of baby boomers are in similar situations. Even if they have managed to hold on to their jobs, many have found that their retirement savings have taken a huge hit.

Added to this pressure, workers who are over 50 are facing an even harder time finding new jobs. Even though age discrimination is illegal, many companies are only planning to hire entry-level workers. For these people, who have years of job experience, there just aren't many openings.

For workers 55 and older, the unemployment rate is hovering at 6.8 percent, which makes them the majority. When you look at the numbers, it's just plain shocking. The unemployment rate for this group is 40 percent higher than it has ever been.

Part of the reason for the increase is that older workers have begun to stay in the workplace for longer. Changes in Social Security laws and the move from pension plans to 401ks also factor in.

Many economist worry that even as the economy improves, it won't be able to provide the types of jobs that will help older workers. This would leave large groups of aging Americans without enough money to live comfortably during retirement. Right now, many people who are in their early 60's are faced with the tough decision to tap into their retirement funds or even start collecting Social Security now instead of waiting until they are 66. This means that they will receive less benefits throughout their lifetimes and not have enough in savings to get by.

The worry is that 10 years from now, these people will be dependent on government programs and forced to live in poverty, even though they spent most of their lives working hard and saving for the future.

It is scary to think about. What do you think the solution is? Are you over 50 and struggling to find a job? Please share your thoughts in the comments.