The recession’s blow to retiree savings is actually a double whammy: Because of portfolio losses, more retirees need to work, but because of the recession, there’s less work for everyone — but especially for those who are over 65.
The folks at 24/7 Wall St. reviewed employment data from the Bureau of Labor Statistics to identify the cities with the highest unemployment rates for Americans 65 and older.
These cities do not necessarily have the highest unemployment rates among the general population, just for those over 65. In ascending order of their age-60+ unemployment rates, they are:
6. Austin-Round Rock-San Marcos, Tex.
5. Bridgeport-Stamford-Norwalk, Conn.
4. Las Vegas-Paradise, Nev.
3. Seattle-Tacoma-Bellevue, Wash.
2. Tampa-St. Petersburg-Clearwater, Fla.
1. Charlotte-Gastonia-Rock Hill, N.C.-S.C.
For a detailed drill-down on each, go to 24/7 Wall St.