The average time older workers spend looking for a job is 34.6 weeks, compared to 23.4 weeks for younger workers. (Photo: Shutterstock)

It's an oft overlooked economic tragedy: millions of older Americans are unemployed, underemployed or stuck in low-paying jobs that offer them little hope of retirement.

A recent feature by the Wall Street Journal shed light on the plight of seniors who find themselves toiling for low wages in what are supposed to be their golden years.

The older that unemployed workers are, the harder it is for them to regain their previous job status. Those over 56 earn 27 percent less in a new job after being unemployed for more than a month, according to a study by David Wiczer, an economics professor at Stony Brook University. In contrast, the typical worker under 30 gets a 7 percent boost in pay when they land a job after a period of unemployment.