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Over Half of Unemployed Older Workers at Risk of Involuntary Retirement

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Abstract

An examination of the status of older workers in the third quarter of 2020 reveals two highlights: millions of older workers have been pushed out of the workforce due to the Covid-19 recession and there is an increased risk of more involuntary retirements to come. Policy recommendations include Congress increasing and extending unemployment benefits for older workers, discourage withdrawals from 401(k)s and IRAs, lower Medicare eligibility to 50, and create a federal Older Workers Bureau.

Suggested Citation

  • Michael Papadopoulos & Bridget Fisher & Teresa Ghilarducci & Siavash Radpour, 2020. "Over Half of Unemployed Older Workers at Risk of Involuntary Retirement," SCEPA publication series. 2020-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2020-04
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    File URL: https://www.economicpolicyresearch.org/images/INET_docs/Status_of_older_workers_reports/Q1_2020_OWAG_V12.pdf
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    More about this item

    Keywords

    older workers; recession; COVID-19; coronavirus; downward mobility; poverty; unemployment; wages; involuntary retirement; retirement; 401k; Medicare; Older Workers Bureau;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • J88 - Labor and Demographic Economics - - Labor Standards - - - Public Policy
    • J58 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Public Policy

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