If You're Over 50, Chances Are the Decision to Leave a Job Won't be Yours - ProPublica - 0 views
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between the time older workers enter the study and when they leave paid employment, 56 percent are laid off at least once or leave jobs under such financially damaging circumstances that it’s likely they were pushed out rather than choosing to go voluntarily. Only one in 10 of these workers ever again earns as much as they did before their employment setbacks, our analysis showed. Even years afterward, the household incomes of over half of those who experience such work disruptions remain substantially below those of workers who don’t. “This isn’t how most people think they’re going to finish out their work lives,” said Richard Johnson, an Urban Institute economist and veteran scholar of the older labor force who worked on the analysis. “For the majority of older Americans, working after 50 is considerably riskier and more turbulent than we previously thought.”
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An additional 13 percent of workers who start their 50s in long-held positions unexpectedly retire under conditions that suggest they were forced out. They begin by telling survey takers they plan to keep working for many years, but, within a couple of years, they suddenly announce they’ve retired, amid a substantial drop in earnings and income. Jeffrey Wenger, a senior labor economist with the RAND Corp., said some of these people likely were laid off, but they cover it up by saying they retired. “There’s so much social stigma around being separated from work,” he said, “even people who are fired or let go will say they retired to save face.”
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Taken together, the scale of damage sustained by older workers is substantial. According to the U.S. Census Bureau, there are currently 40 million Americans age 50 and older who are working. Our analysis of the HRS data suggests that as many as 22 million of these people have or will suffer a layoff, forced retirement or other involuntary job separation. Of these, only a little over 2 million have recovered or will. “These findings tell us that a sizable percentage, possibly a majority, of workers who hold career jobs in their 50s will get pushed out of those jobs on their way to retirement,” Burtless said. “Yes, workers can find jobs after a career job comes to an early, unexpected end. But way too often, the replacement job is a whole lot worse than the career job. This leaves little room for the worker to rebuild.”
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