Retirement and the Pandemic

The mayhem caused by COVID-19 has not just disrupted the working lives of millennials, but also older professionals. While the youth struggle to find a job, care for families and pay their loans in an economy that’s sliding into recession, older professionals have the added burden of health expenses and convincing potential employers that they still have a lot to offer.

Employers, too, are tightening their purse strings and want younger people who will work long hours for less pay.

Though there are no clear estimates of how many people close to retirement age have been fired due to COVID-related downsizing, it is clear that those approaching retirement and women have been hit the hardest.

There are jobs, but employers want young people who are ready to work for less salary. What employers don’t realize is that seniors bring something unique to the table: Experience, a helpful attitude and knowledge acquired from years of work. Women bring to the table: knowledge, a willingness to look at the world differently, a unique perspective and empathy.

The COVID-19 pandemic has brought along a paradigm shift in how we think of socializing, forcing us to revise how we go about our lives. You would think that those of us who are a bit older are inclined to heed the warnings of social distancing while those of a younger age think that the virus will not hurt them as much.

Yet at least one survey shows that my generation (Boomers), one of the demographics that is most at risk of COVID-19, are most resistant to changing their habits. According to a survey from the consumer insights company STAANCE that polled more than 2,000 Americans, baby boomers were least likely to worry about contracting the virus, with 43 percent saying they were concerned about it as opposed to 53 percent of millennial's and 54 percent of Gen X members. (They did not survey people born before 1945.) Only 19 percent of boomers reported having cancelled a flight because of coronavirus, as opposed to 31 percent of millennial's and 28 percent of Gen X’ers.

How we behave during the pandemic can put ourselves and our loved ones at risk. It is a good idea to continue to social distance and keep other COVID protocols in place until we have better protection for all.