SAN FRANCISCO (KCBS) — While unemployed job seekers in their 20s find it difficult to find work, those in their 50s are finding it nearly impossible. Research by the Federal Reserve in San Francisco finds that older workers who find themselves in the ranks of the long-term unemployed, have almost no chance of getting hired.
That’s not encouraging news for Kevin Smith, of Pleasant Hill, who lost his job as a mortgage underwriting manager in 2007, has been out of work ever since and has watched his life savings dwindle. He’s plundered his 401k and done some part-time basketball coaching just to make ends meet.READ MORE: Family Clings To Hope That Missing San Francisco Toddler Arianna Fitts Is Still Alive
“There were times that I would sell stock and break down and cry because the values of my stock were nothing compared to what they used to be,” Smith said.