Working past 65: Boomers face job challenges in senior years

Even now, the oldest members of the Boomer generation (those born in the 19-year span of 1946-64) can't collect their full Social Security benefit until they're 66; the cutoff for full benefits was bumped up from 65 as a result of the last attempt to fix Social Security, in 1999. Proposals to cut the federal deficit eventually could push the age for full benefits to 69.

The average Social Security retirement payment is just $1,170 a month. But for those who need it, it's vital: For 20% of married retirees and 40% of single retirees, Social Security is 90% or more of their income.

The search for jobs after age 50 can be excruciating. A Pew survey poll found that 30% of unemployed people 55 and older were jobless for a year or more. The number of discouraged older workers — those who have simply stopped looking for jobs — rose 14% in June, according to the Bureau of Labor Statistics.

Older workers unable to find jobs often have to dip into their retirement savings early, which further threatens their retirement, when it comes. About 67% of unemployed workers over 55 had to dip into retirement savings to make ends meet, according to a survey by the Boston College Sloan Center on Aging and Work. Some have wiped out their savings completely.