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Forced into Early Retirement: Older Workers Encouraged to Upskill, Reskill

Posted at 7:30 AM, Jul 02, 2020
and last updated 2020-07-02 07:30:25-04

LANSING, Mich. — With countless companies being forced to downsize during this time many older workers have been forced into unplanned early retirements. Chris Conte takes a look at what older workers need to be successful in this situation.

As Americans slowly return to work, there are some who are finding the current economic situation much gloomier than others.

These are tough times, and they’re tough time for everybody

We sat down with Susan Weinstock with the AARP to get a better perspective of what the COVID pandemic has done to older workers.

As tens of millions of jobs have disappeared.

Are these jobs going to come back? Are older workers going to be brought back last because of CDC guidelines

Many large companies ... including the airlines are offering early retirement packages.

Susan's concern, older workers are being forced out of work without enough saved for retirement.

And then there's this. Half of fulltime workers experience job loss after the age of 50.

It typically takes them double the time to get back into the work force as it does a younger worker.

Even if they find a job, they end up making less money.

And, there's less time to make up retirement savings that were lost.

We know saving through work is the best way to save for retirement and when you don’t have that option it makes it a lot harder

Her advice if you're over the age of 50 and out of work.

Use this time to upskill or reskill.

Find an online class ... many are free.

Showing employers that you're a life-long learners makes your more marketable.

We want to make sure older workers are able to recover from this along with everybody else in the economy *

With so much uncertainty surrounding the economy. Susan even recommends taking money you might have spent on communiting, and throw it into your retirment.

We want to enable people to work for as long or as they need to work as the country works to rebound.

More than one thousand companies have signed AARP's employer pledge, meaning they won't hire based on age.

You can find a list of all those companies and see if they're hiring, on AARP's website.

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