Too young to retire, too old to get a new job. That's how many older workers are feeling these days. While it's not easy to land a job in this weak economy, older workers are in a particularly tough spot. Corporate downsizings are hitting this group hard, with many companies looking to shed the higher-paid positions these employees often occupy. Even worse, older job seekers are discovering the search is even rougher as many employers shy away from hiring those closer to retirement than to the start of their careers. The downsizings come at a bad time for older workers. Not only can't they afford to retire, but many were counting on beefing up their 401(k) accounts in the years before they exit the labor force.
See "Out of a job and out of luck at 54", Tami Luhby, CNN Money, May 20, 2008