OPINION: COVID-19 is going to force older workers into an early retirement -- and that's not a good thing. They'll miss out on potential earnings and a sense of purpose.
Since March, many have lost jobs during the coronavirus pandemic and retirement accounts that are invested in the stock market have been twirling like those oversize Mad Tea Party tea cups at Magic Kingdom.
Her data to back that up: The total number of workers ages 55+ in the U.S. economy shrank from 37.8 million in February, before the COVID-19-related layoffs began to take effect, to 32.7 million in May, she wrote. And yes, the National Bureau of Economic Research reported this month that following a record 128 months of expansion, the U.S. economy officially entered a recession in February.
That’s why, if you’re grappling with the decision to throw in the towel early, you need a plan. You can’t wing it, and, you bet, it’s not only about money. I’m a big believer in retiring to something, not from something.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Older Americans face another pandemic risk: Most can't work remotely despite COVID-19Older workers are less likely than younger ones to have jobs that can be done remotely, according to an analysis from the Economic Policy Institute, a left-leaning think tank.
Read more »
Early Data Show No Uptick in Covid-19 Transmission From ProtestsEarly coronavirus testing data from a handful of U.S. cities and states suggest that recent protests against racial injustices haven't yet led to a marked uptick in new cases. Public-health officials warn that the data is still preliminary, however, and protest-related cases could still rise.
Read more »
Layoffs: 1.5M workers file for unemployment amid COVID-19 even as states let businesses reopenAnother 1.5M Americans filed initial jobless claims last week amid the coronavirus pandemic even as states continue allowing businesses to reopen.
Read more »
Lineup: 'Can’t Cancel Pride: A COVID-19 Relief Benefit for the LGBTQ+ Community'Adam Lambert, Sia, Ricky Martin and more are set to participate in iHeartMedia's 'Can’t Cancel Pride: A COVID-19 Relief Benefit for the LGBTQ+ Community’ event
Read more »
Bangladeshi group sends cards, baskets to COVID-19 patientsOne Good Thing: A Bangladeshi group of volunteers is providing COVID-19 patients with fruit baskets and “get well soon” cards to keep their spirits up amid reports that many patients are being ostracized by their families and neighbors.
Read more »