60 Minutes offered a sobering look at the growing ranks of midlife unemployed workers cast out of high-paying professional occupations in Silicon Valley. The story underscores the desperate straights many find themselves in as their 99 weeks of unemployment benefits run out and competition for jobs remains extraordinary.

Joblessness at age 50 or 60 carries special challenges–it’s tougher to find work due to age discrimination, and the loss of income throws long-range retirement planning out the window. The solutions will require new thinking about how we make a living at midlife, including self-employment, entrepreneurship and launching new careers. It’s also going to require a complete re-think of our approach to spending in retirement.

Watch the 60 Minutes story here:

Tags | Jobs, retirement jobs