09/26/2010 - Amid today's tough economy, Americans in their 50s are really taking it hard on the chin.
Their 401(k)s have been cut down to 201(k)s. Their pensions have been frozen, or worse. Their home equity has evaporated just as their kids' college bills come due. And while younger workers may have been hit harder by unemployment, 50-something Americans who get laid off are stuck in jobless limbo longer than any other age group.
"It's a real mess," said Linda Kahn, a 51-year-old San Jose graphic designer who lost her job in early 2009 and recently took a part-time gig at Target "because I was going insane just hanging around the house. On my block alone, three of us in our 50s are out of work. One woman's dipping into her savings to live. Our houses are worth less than we paid for them. And the two interviews I had went nowhere."
Some may never find another job: A Pew Economic Policy Group report in April said nearly 30 percent of jobless people 55 or older have been out of work for a year or longer, a higher rate than any other age group.
To read the article Workers in 50s Face Battle out of Joblessness in its entirety visit the The Sun News Web site.