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Retired But Want to Work? These are the Worst Cities for Getting a Job During Retirement - Yahoo Finance

Author: Yahoo Finance

Source: https://finance.yahoo.com/news/retired-want-worst-cities-getting-110057939.html

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SDI Productions / iStock.comMany seniors consider working in retirement.Many choose to pursue hobbies that bring in extra income, others prefer the social engagement from working with others, while some need at least a part-time job to help meet their expenses.Dave Ramsey: 6 Biggest Retirement Myths You Should Stop BelievingMore: The Simple, Effective Way To Fortify Your Retirement MixWhile there are plenty of part-time jobs available for seniors, the truth is that some cities have more opportunities than others.Data from the U.S.Bureau of Labor Statistics and the U.S.Department of Housing and Urban Development, among other sources, show that unemployment is high, and wages are not on the rise in a number of cities.Remote work is always a possibility, but if you’re planning on working a more traditional job, you might have a harder time in the cities listed below.Akron, OhioAccording to data from government sources, Akron isn’t the best place to be looking for a job. Statistics show that the city has stagnant job growth, actually declining by 0.5% over the past 12 months.Average wages are also falling.This is a terrible backdrop for a senior looking for a job, as competition is high even among younger workers.Bridgeport, ConnecticutWhile the unemployment rate in Bridgeport is actually not bad, at 3.7% according to the St.Louis Fed, it is wage growth that makes it a poor city for job seekers.Data shows that wages have fallen a whopping 6.8% over the past 12 months, ranking Bridgeport fourth-worst among major cities in the U.S.While you might be able to pick up some extra work as a senior in Bridgeport, the wages you earn might not be enough to motivate you.Check Out: 5 Places To Retire That Are Just Like Florida But Way CheaperMcAllen, TexasMcAllen has one of the highest unemployment rates in the nation, at 6.4% according to the St.Louis Fed. Average wages of $20 per hour are also 33% below the national average of $29.76, according to the Bureau of Labor Statistics.The double-whammy of high unemployment and low wages make McAllen a tough place for seniors to pick up some work.Bakersfield, CaliforniaRecent data shows that Bakersfield has the highest unemployment rate of any big city in the country, at 7.2%.As such, it’s not the best place for a senior looking for work.When unemployment rates are that high, they are generally indicative of a number of negative factors, such as shrinking industries and stagnant-to-falling wages.But this isn’t news for Bakersfield, which has had a relatively sluggish economy for years.Even in 2021, Kern County, in which Bakersfield is situated, ranked #56 out or 58 counties in California in terms of its employment rate.The city’s reliance on agriculture and petroleum have kept it out of high-growth industries like technology and artificial intelligence.Augusta, GeorgiaUnemployment in Augusta is 4.0%, but wages are below the national average in 17 of 22 industries, according to data from the Bureau of Labor Statistics.Some of those industries include health care, retail trade, government, and manufacturing.The Augusta Economic Development Authority, or AEDA, says that the median household income in Augusta is $9,600 below the national average. All of these factors taken as a whole mean it’s not the most compelling area for seniors to look for work in retirement.Scranton, PennsylvaniaAlthough U.S.News and World Report ranks Scranton as the 17th best place to retire in the United States, things don’t look quite as rosy for job seekers.U.S.News and World Report also notes that “Scranton has a less healthy job market than similarly sized metro areas.”The city relies primarily on jobs in construction, manufacturing, trade and transportation, industries that can be volatile from a job perspective.They also aren’t typically the types of industries that retirees choose when looking for part-time work.Milwaukee, WisconsinJob growth over the past 12 months in Milwaukee has actually been -1.7%, the worst among major cities in the United States. Since a shrinking job market makes things harder on everyone, it might be tough to find a decent job as a retiree in Milwaukee, even for a part-time gig.Oxnard, CaliforniaPart of the reason the job market is hard on seniors in Oxnard is that the city is quite unaffordable when it comes to housing.This means that you’ll need to find a job that pays quite a bit if you want to be able to afford to live there.According to the data, the housing-to-income ratio in Oxnard is the worst in the entire nation, at 54.7%.This means that you’ll have to spend more than half of your income on housing, well above the recommended 30%.This helps make Oxnard one of the worst cities for retirees looking for a job, because taking a low-paying job might not be enough to stretch your retirement savings enough to cover your housing payment.More From GOBankingRatesRobert Kiyosaki's 6 Passive Income Ideas10 of the Most Valuable Pennies3 Ways to Recession Proof Your Retirement18 Ways Your Credit Card Can Be Your Best Financial FriendThis article originally appeared on GOBankingRates.com: Retired But Want to Work?These are the Worst Cities for Getting a Job During Retirement

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