55 + and Jobless

Unemployment has especially hurt older workers in this recession. Workers 55 years old and older are more likely to be unemployed and spend longer looking for a new job than is the case for younger workers. They also often experience discrimination. This exacerbates the mental stresses associated with unemployment, adding to other health worries in the pandemic and further eroding older workers’ financial security. Unemployment has been more widespread among the oldest workers than among somewhat younger ones throughout much of the recession. From July to November 2020, the unemployment rate for workers 65 years old and older averaged 7.1%, compared to 6.7% for workers 55 to 64 years old and 6.3% for workers 45 to 54 years old. Typically, unemployment rates decline with age for mid-to-late career workers. This is the first recession where older workers experience higher unemployment rates than somewhat younger workers. Unemployment has always posed a unique challenge for older workers, but this problem is more widespread in this recession than in previous ones. Tune in and learn how to scratch your way back to relevance at old age!