Source: Experience Works, September 2009
From the summary:
In a new study of more than 2,000 low-income unemployed workers age 55 and older, 46 percent need to find jobs so they don’t lose their homes or apartments, and approximately half (49 percent) have been looking for work for more than a year.
Many of the older workers in the study did not plan to be looking for work in their 60s, 70s and 80s, but a life event triggered their need to find employment. These triggering events include being laid off (20 percent); the death of a spouse (16 percent); and large medical bills due to a personal illness or illness of a spouse (15 percent).
More than one-third (38 percent) of older workers surveyed had retired but they are going back to work, and many have no end in sight for their working years.
For those who do have a retirement timeframe, the average targeted retirement age is 72. Ninety percent of survey respondents age 76 and older plan to continue working in the next five years.