Retirement is it our of your reach?

The following is from an idea from Forbes magazine, called is this the end of retirement.

The unemployment rate is higher than it was in the 1930s, many workers are facing uncertain futures as businesses close and some jobs will be lost forever. During the 2008-2009 turndown and in the 1930s and I think every major recession since older workers are going to be hit the hardest, as employers look for ways to cut costs. One way to do this is to hire younger workers at lower wages and force older workers into retirement. In the United States according to Ms. Barnes, the author of the article, and others age discrimination in hiring, is perfectly legal under federal law.

As an economy comes out a recession the Economists watch the Re-employment rate. This is the rate at which distinct groups are called back to work or get new jobs. According to the Organisation for Economic Co-operation and Development older workers (aged 55-64 years) also have a higher incidence of displacement than prime-aged workers in many countries, after controlling for other factors, older workers have a significantly higher risk of displacement than prime-aged workers in all the countries for which data are available. Their chances of finding equivalent new work are slim. According to the U.S. Bureau of Labor Statistics, the re-employment rate was 76 percent for workers ages 25 to 54 in January 2018. For those aged 55 to 64, the re-employment rate was 60 percent and for those aged 65 years and above it was a mere 31 percent.

Many spend down savings, work low-paid gig jobs that offer few, if any, benefits, and start collecting Social Security as soon as they become eligible, thereby losing up to a third of their potential benefits. Many in the United States are bankrupted by their healthcare “system.”

The Pew Research Center reports the COVID-19 outbreak has swelled the ranks of unemployed Americans by more than 14 million, up from 6.2 million in February to 20.5 million in May 2020. As usual, women suffer disproportionately, with 14.3% unemployment compared to 11.9% for men.

Even in the best of times, unemployed older workers, women, or men have difficulty finding new jobs.

The potential for harmful age discrimination in the months ahead is heightened by the fact that federal courts have effectively barred older workers from pursuing valid age discrimination claims.

The courts have left most older job applicants vulnerable to systemic age discrimination in hiring, including the widespread practice of targeting job advertisements to younger workers via social media.

The bottom line is that many more Americans can be expected to face a bleak old age in the coming years due to back-to-back economic catastrophes. Workers' lives are not unlimited. Many will be unable someday to drive for a ride-sharing service or pet sit.

The odds are stacked against older workers who tend to be more conservative in their political leanings. In many countries with Conservative or right-wing governments, these governments tend to work with business against the best interests of older workers. To change the situation older workers, need to think hard about which candidate or party deserves their support.