Forced to Work Past Their 60s and 70s, Seniors Have Been Hit Harder by COVID-19 Economy

A study from the Retirement Equity Lab at the New School in New York determined that for the first time in 50 years, older adults are enduring higher unemployment than mid-career employees, reports Florida Today . During the first six months of the COVID-19 pandemic, workers 55 and older were 17 percent more likely to lose their jobs than those just a few years younger, while 2.9 million workers 55 to 70 left the workforce — with 2.4 million of them losing jobs between March and June. Moreover, unemployed older adults have been rehired at a slower rate and are continuing to lose jobs faster, while older workers lacking college education face higher rates of job loss. "High and persistent unemployment, compounded by the health risks of COVID-19, threatens the retirement security of a generation of older workers," warned Retirement Equity Lab Director Teresa Ghilarducci. "Given the wait for a vaccine and persisting layoffs, this trend is likely to continue, leaving near-retirees at risk of lifelong decreases in their living standards." Senior Floridians faced with this dilemma are turning to resources like CareerSource Brevard for guidance. It has a curriculum for job seekers 50 and older that customizes strategies.