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In economic terms, prospective employers are often very reluctant to hire > age 50 employees due to their statistically much higher employee health care costs, due to their statistically higher probability of missing work due to illness, etc. Ironically, this abruptly changes for > age 65 employees, because health care costs can be 'off-loaded' onto Medicare by the employer ( i.e. there's a very valid economic reason why WalMart greeters are over age 65 !!! ).
Prospective employers also tend to hold an opinion ( rightly or wrongly ) that > age 50 employees have less 'energy', have physical limitations, have outdated educational credentials, etc. Prospective employers also face elevated risk of 'age discrimination' based lawsuits if they hire a new > age 50 employee, but then attempt to fire them for comparatively poor job performance.
Again in economic terms, > age 50 Americans never personally experienced the hard economic times of the 1970's regarding their own careers that their age 65+ parents did. Instead, they mostly personally experienced 25+ years of ( apparent ) economic growth from the early 80's right up to 2008's 'pop'. As such, they didn't shy away from taking on mortgage and other debt, they didn't question the ( apparent ) security of their jobs / incomes, they didn't save diligently etc. Thus they were ill-prepared for a huge decline in real estate values, for offshoring / outsourcing / downsizing etc.
Last edited by Melonie; 06-23-2014 at 03:31 AM.
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