Older job seekers face many challenges

Employers that have a better idea of the challenges faced by older workers can better utilize them as a cost-effective resource. More and more employers are hiring from this age demographic for part-time and temporary jobs and project assignments. In most cases, the employer need not pay benefits or unemployment insurance and can off-board with little or no cost.

In addition to hiring them, employers are keeping many of their older more experienced workers on board as they understand the company culture and can mentor their younger counterparts. Forward thinking employers have developed programs whereby older employees can switch from full-time employment to part-time or flex-time which is often a win-win for both.

According to a Career Builder survey, six in 10 workers over 60 are putting off retirement.

This should come as no surprise as the value of retirement savings has decreased along with substantial depreciation in most housing markets. For most, retirement is no longer viable unless there is a way to create an additional revenue stream and continuing to work in some capacity is often the best route.

A MetLife Report indicates that many will forgo the traditional leisurely retirement and stay in the workforce -- some indefinitely. According to MetLife, the labor force participation rate of boomers is at a 15-year high (65.2 percent) and should continue to rise.

Living longer presents challenges for older Americans: some obvious and some hidden.

Of course it is necessary to either save more or work longer in order to have enough put away for the increased number of years most seniors can now expect to live. What is rarely apparent is the cost of health care has become a substantial burden.

A 65-year-old couple retiring in 2010 with Medicare insurance coverage will need approximately $240,000 to cover medical expenses over the course of 20 years according to Fidelity Investments. This estimate includes deductibles, coinsurance costs, likely out-of-pocket expenses, and some services excluded by Medicare. The figure does not include over-the-counter medications, most dental services, and long-term care expenses, and will be a good deal more if they need to use a nursing home.

The primary reason these costs are so high is increased longevity. These expenses now continue for many more years and most older workers must continue in the work force longer to have any hope of meeting them.

Art Koff is the founder of Retired Brains.com.