Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 20 February 2013 [View all]Demeter
(85,373 posts)5. GAO Report: Cost of the Financial Crisis — Your Retirement By Pam Martens
http://wallstreetonparade.com/2013/02/gao-report-cost-of-the-financial-crisis-your-retirement/
...On April 25 of last year, the GAO released a study specifically looking at just the toll on workers. (GAO-12-445.) Among the findings:
Long-term unemployment rose substantially, and at a greater rate for older than younger workers. By 2011, 55 percent of unemployed older workers had been actively seeking a job for more than half a year (27 weeks or more).
Long-term unemployment can put older workers at risk of deferring needed medical care, losing their homes, and accumulating debt.
The GAO identified out-of-date skills, discouragement and depression, and inexperience with online applications as reemployment barriers for older workers.
Long-term unemployment can substantially diminish an older workers future retirement income in several ways. First, it can force a worker to stop working and stop saving for retirement earlier than the worker had planned. Second, long-term unemployment can lead individuals to draw down their retirement savings to cover living expenses while they are unemployed, which was a common life experience described by GAOs focus group participants.
GAO illustrated how a hypothetical worker who had $70,000 in retirement savings at age 55 and withdrew 50 percent of those savings during a 2 year period of unemployment, would need about another 5 ½ years of work and saving to rebuild the retirement account to the level it had been before unemployment began.
Long-term unemployment can motivate older workers to claim early Social Security retirement benefits, which will result in lower monthly benefits for workers and their survivors for the rest of their lives....
...On April 25 of last year, the GAO released a study specifically looking at just the toll on workers. (GAO-12-445.) Among the findings:
Long-term unemployment rose substantially, and at a greater rate for older than younger workers. By 2011, 55 percent of unemployed older workers had been actively seeking a job for more than half a year (27 weeks or more).
Long-term unemployment can put older workers at risk of deferring needed medical care, losing their homes, and accumulating debt.
The GAO identified out-of-date skills, discouragement and depression, and inexperience with online applications as reemployment barriers for older workers.
Long-term unemployment can substantially diminish an older workers future retirement income in several ways. First, it can force a worker to stop working and stop saving for retirement earlier than the worker had planned. Second, long-term unemployment can lead individuals to draw down their retirement savings to cover living expenses while they are unemployed, which was a common life experience described by GAOs focus group participants.
GAO illustrated how a hypothetical worker who had $70,000 in retirement savings at age 55 and withdrew 50 percent of those savings during a 2 year period of unemployment, would need about another 5 ½ years of work and saving to rebuild the retirement account to the level it had been before unemployment began.
Long-term unemployment can motivate older workers to claim early Social Security retirement benefits, which will result in lower monthly benefits for workers and their survivors for the rest of their lives....
Edit history
Please sign in to view edit histories.
41 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
Harvesting Justice: Transforming the Global Food Supply Chain -- Food Sovereignty By Beverly Bell
Demeter
Feb 2013
#3
Stock futures flat before housing starts, PPI Gold takes another tumble, along with platinum
Demeter
Feb 2013
#18
We the People pay Congress. Though they are owned by and operate for a select few.
westerebus
Feb 2013
#39