Older Workers Have Been Clobbered by the Coronavirus

The COVID-19 pandemic has been especially bruising for older U.S. workers, reports MarketWatch . The U.S. Bureau of Labor Statistics estimates that Americans 55 years and older had an unemployment rate of 13.6 percent in April versus 2.6 percent in January. Men 55 and older had an unemployment rate of 12.1 percent in April from 2.6 percent in January. The unemployment rate is the highest it has been since the Great Depression. According to the Urban Institute, people 51 to 60 years old waited an average of nine months to find another job during the last recession, versus those between 25 and 34 who had jobs again within six months. Prospective employees reported experiencing some type of ageism in the application and interview, such as when asked what year they graduated high school or if they have "reliable transportation." Experts warn that the pandemic could worsen a looming retirement crisis, with an Allianz Life Insurance study finding that half of Americans said they retired before they were ready due to controllable circumstances — even before the coronavirus. "This is the perfect example of why you have to be able to pivot when the time comes to actually retire," said Allianz Life's Kelly LaVigne.