Special Report

The Worst Cities for Retirees to Find Work

6. Austin-Round Rock-San Marcos, Tex.
> 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.

5. Bridgeport-Stamford-Norwalk, Conn.
> 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%.

4. Las Vegas-Paradise, Nev.
> 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.