Worst Cities for Retirees to Find Work

24/7 Wall St.: Worst Cities for Retirees to Find Work

Just because you’ve retired doesn’t mean you don’t have to work. As of the end of last year, 7.3 percent of Americans 75 and older were employed — the highest level since 1966, according to "The Wall Street Journal." But as the number of job seekers among retirement-age people has increased, so has the unemployment rate among that age group. It is now twice what it was five years ago

The issue of unemployment among older Americans is even more important now because retirement plans lost so much money since the recession began. 24/7 Wall St. has reviewed employment data from the Bureau of Labor Statistics to identify the cities with the highest unemployment rates for Americans 65 and older.

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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Worst Cities for... Just because you’ve retired doesn’t mean you don’t have to work. As of the end of last year, 7.3 percent of Americans 75 and older were employed — the highest level since 1966, according to "The Wall Street Journal." But as the number of job seekers among retirement-age people has increased, so has the unemployment rate among that age group. It is now twice what it was five years ago

The issue of unemployment among older Americans is even more important now because retirement plans lost so much money since the recession began. 24/7 Wall St. has reviewed employment data from the Bureau of Labor Statistics to identify the cities with the highest unemployment rates for Americans 65 and older.

More From 24/7 Wall St.:
The Nine American Cities Nearly Destroyed by the Recession
Eight Industries the U.S. Has Lost to China
The Most Dangerous Cities in the World

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
6. Austin-Round ... 65 and older unemployment rate: 10.3%
General unemployment rate: 7.1%
Population change 2000 – 2010: +37.33% (8th most growth)
Median income: $55,744 (50th highest)
Pct. 65 and older: 8.1% (9th lowest)

The Austin-Round Rock-San Marcos metropolitan area is one of the fastest-growing regions of young families and professionals in the country. Between 2000 and 2010, the population increased by 37%. Hundreds of thousands moved to the area in those years looking for jobs in the city’s up-and-coming semiconductor and software industries. Just 8.1% of the greater Austin region’s residents are 65 and older, the ninth-lowest rate among all metropolitan areas. More than a quarter of them are employed — the highest recorded rate among metro regions. However, 28.6% are looking for work — also the highest rate in the U.S. Because of this high demand for jobs, the region has a much higher-than-average unemployment rate for the older residents at 10.3%. This is despite the region having an unemployment rate for its whole population of just 7.1% — well below the national average.

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
5. Bridgeport-St... 65 and older unemployment rate: 11.3%
General unemployment rate: 8.9%
Population change 2000 – 2010: +3.88% (281st most growth)
Median income: $74,831 (3rd highest)
Pct. 65 and older: 13.5% (166th highest)

The Bridgeport-Stamford-Norwalk region is one of the wealthiest areas in the country. Part of the region is Fairfield County, the state’s gateway to New York City, which has a median income of just under $75,000. Besides serving as a suburban community for New York City workers, the region is home to a large financial sector. Jobs in health care, education and finance account for roughly one in four nonfarm jobs in the region. In 2010, the unemployment rate in the region was 8.9%, which was below the national average. However, unemployment for residents 65 and older was 11.3%.

(iStock Photo)

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4. Las Vegas-Par... 65 and older unemployment rate: 13.4%
General unemployment rate: 14.7%
Population change 2000 – 2010: +41.8% (4th most growth)
Median income: $51,437
Pct. 65 and older: 11.3% (86th lowest)

The Las Vegas metropolitan region had one of the fastest-growing economies in the U.S. before the housing bubble burst. Between 2000 and 2010, total population increased by more than 40%. Going back to 1990, the population has increased by more than 160%. When the housing market crashed, the damage dealt to the construction and real estate sectors had a ripple effect throughout the economy. This led to one of the highest unemployment rates in the country. The migration of young families from other parts of the country to Las Vegas when it was booming resulted in a relatively young population — just 11.3% are 65 or older. Of that group, more than one in five was part of the labor force, meaning they are either working or trying to get work. Among those 65 and older who were looking for work, 13.4% were unemployed in 2010.

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
3. Seattle-Tacom... 65 and older unemployment rate: 14.2%
General unemployment rate: 10.6%
Population change 2000 – 2010: +13.01% (137th most growth)
Median income: $63,088 (16th highest)
Pct. 65 and older: 10.8% (70th highest)

Seattle is one of America’s industrial cities that has managed to establish itself as a high-tech, growth-sector hub. In the past several decades, the metropolitan region has become home to several large, relatively young companies, including Starbucks (NASDAQ: SBUX), Amazon.com (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT), which is the second-biggest employer in the city. The region has also been a manufacturing center, home to companies like Boeing (NYSE: BA), which is still its biggest employer. Seattle’s unemployment rate in 2010 was 10.6%, which was above-average for metropolitan regions. And perhaps not surprising given the city’s technology focus, its unemployment rate for those 65 and older was much higher that year at 14.2%.

(AP Photo)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
2. Tampa-St. Pet... 65 and older unemployment rate: 14.5%
General unemployment rate: 11.3%
Population change 2000 – 2010: +16.16% (94th most growth)
Median income: $43,547 (142nd lowest)
Pct. 65 and older: 17.3% (68th highest)

The Tampa-St. Petersburg-Clearwater, Florida region has grown at a faster-than-average rate. And like most of the state of Florida, the region also was hit hard by the housing crisis. The unemployment rate among the general population in 2010 was 11.3%, one of the highest rates in the country. Among residents over 65, that rate was 14.5%, the second-highest in the country for the older Americans. Only 14.5% of the 481,000 Tampa Bay residents 65 are in the labor force, meaning they have jobs or are looking for jobs. This labor force participation rate is well below the average among metro areas. Tampa’s economy relies on high-skill industries, including finance, insurance and telecommunications.

(iStock Photo)

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The Nine American Cities Nearly Destroyed by the Recession
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
1. Charlotte-Gas... 65 and older unemployment rate: 15.5%
General unemployment rate: 10.8%
Population change 2000 – 2010: +32.14% (15th highest)
Median income: $50,449 (102nd highest)
Pct. 65 and older: 10.1% (43rd lowest)

The Charlotte-Gastonia-Rock Hill region was one of the fastest-growing metropolitan areas in the country last decade. The population is young, with just over 10% of residents over the age of 65. In 2010, the unemployment rate in the Charlotte region was 10.8% for the general population — already above the national unemployment rate. The unemployment rate for residents 65 and older was even higher, at 15.5% — the worst in the country for the age group. Charlotte is a major industrial hub but also one of the biggest banking and finance centers in the country. With the biggest employers including Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC), roughly one in 10 jobs in the region is in the financial services field.

(iStock Photo)

More From 24/7 Wall St.:
The Nine American Cities Nearly Destroyed by the Recession
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
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(AP Photo)

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.