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Early retirement claims increase dramatically

Instead of working longer as the economy worsens, more Americans are calling it quits before age 66. The ramifications could be profound for the retirees, families, government and social institutions.

May 24, 2009|Mike Dorning

Once they lose their jobs, older workers have a harder time finding new ones. On average, it takes laid-off workers 55 and older nearly a month longer than their younger counterparts to find new employment, and the gulf has been growing recently, according to the U.S. Bureau of Labor Statistics.

Goss said it was theoretically possible that people who claimed retirement benefits during the recession would resume working once the economy improves.


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Yet experience suggests that retired workers are unlikely to return to work in large numbers, particularly not to full-time jobs that would allow them to make up their earnings losses while they were out of the workforce, said Paul N. Van de Water, a former senior policy official at the Social Security Administration and now a senior fellow at the Center on Budget and Policy Priorities, a Washington think tank.

"It's partly a question of intent," Van de Water said. "It's partly a question of your skills not being kept up to date."

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mdorning@tribune.com

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