This Job Challenge Should Scare Older Workers

An analysis of data from the Health and Retirement Study by ProPublica and the Urban Institute found 56 percent of older workers experience at least one involuntary job loss after age 50, reports CNBC . Among the observations was that older workers often have more difficulty finding jobs because of age discrimination and are unlikely to earn as much as they did with their previous employer when they do find work. Exacerbating this situation is the assumption among many workers that they will leave the workforce at an age of their own choosing, making earlier-than-expected layoffs a low priority. To mitigate a potential late-career job loss, experts suggest employees exploit any and all training opportunities their employer offers to expand their job skills. Another recommendation is to specify and strive toward achieving retirement saving goals early on, rather than counting on future income. Diversifying savings should be another priority for older workers, with advisers stressing they set aside three to six months' worth of expenses, at minimum. Paying down debt ahead of a potential job loss also is advised.