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Don’t Make Me Say I Told You So 29

downsizing becoming a fact of life in this country, many workers
are being forced into a retirement that they didn’t want. Many

companies are closing down or laying off workers because
business has been suffering.

Often when older workers lose their jobs or are laid off,
they have a harder time than younger workers finding work.

Employers will frequently hire a younger worker instead of an

older worker because they can pay a lower salary, and they
New paragraph here.
know that medical costs for the younger worker will almost
For some people, unemployment may not be the result of a
certainly be less. They may also hire younger employees and
downsizing or layoff, but will be necessitated by medical
offer limited or no benefits, which older workers need and have
issues.
come to expect.
Please insert chart #139 RETIRING EARLY FOR HEALTH-
A Wall Street Journal article said this: “The number of
RELATED ISSUES after the word issues. It's in our shared
unemployed workers ages 55 to 64 has nearly tripled since
Dropbox folder.
the recession began, to about 1.6 million of the nation’s 15.4
million unemployed, according to the Labor Department. By

comparison, the number of jobless workers of all ages has
4
roughly doubled.” The article goes on to say that applications
for Social Security benefits surged by over 20% in the fiscal
year that ended September 30, 2009. The Social Security

Administration, the source of this information, expected to

see an increase of about 15% because of the growing number
of Baby Boomers reaching retirement age. A study by two

Chapter 1: The New Retirement