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Older Workers Face New Risks because of the COVID-19 Recession

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Abstract

For the large cohort of older workers, the significant difference between the COVID-19 recession and previous ones is the combined effect of the economic recession and the health risks of the COVID-19 outbreak. Older workers are facing the high health risks of working during a pandemic, on the one hand, as well as the risk of losing their jobs, on the other hand, which can lead to significantly lower wages in the future or even involuntary early retirement. Older workers are a substantial and growing share of the U.S. labor force. The share of people working or looking for work who are 50 or older is more than 33 percent, up from 20 percent in 1990 and 29 percent in 2008 (see the chart). Part of this trend is demographic: the 75 million-strong baby boomer generation began turning 55 in 1999, leading to a rapid rise in the share of older workers. At the same time, older people are working longer because they have to—their retirement income is less secure, and they work to supplement their low pensions (if they have one), savings, and Social Security benefits.

Suggested Citation

  • Aida Farmand & Teresa Ghilarducci & Siavash Radpour, 2020. "Older Workers Face New Risks because of the COVID-19 Recession," Workforce Currents 2020-11, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:a00034:99358
    DOI: 10.29338/wc2020-11
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    File URL: https://www.atlantafed.org/-/media/documents/cweo/workforce-currents/2020/09/03/older-workers-face-new-risks-because-of-the-covid-19-recession.pdf
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    Keywords

    COVID-19;

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