Work' Isn't a Four-Letter Word for Older Americans

Personal-finance columnist Kerry Hannon writes in MarketWatch that work should not be a four-letter word, as it offers a financial cushion to older Americans in these volatile times. She cites U.S. Bureau of Labor Statistics figures that the number of long-term 55-and-older unemployed job seekers out of work for more than 27 weeks and still looking climbed to 26.4 percent in September from 14 percent in August. Hannon quotes Urban Institute Senior Fellow Richard W. Johnson's observation that older workers were less likely to lose jobs than younger workers in previous recessions, but as unemployment rates fell later this year, the gap between older and younger workers narrowed while jobless rates at age 65 and up remained atypically high. And when older workers get new jobs, they usually earn less than in their previous job. "When workers earn more, over their lifetimes, by delaying retirement that raises their future earnings base for Social Security and pensions," Johnson added. Hannon, meanwhile, argues that employers, higher education, and public-sector leaders must collaborate to provide the training and upskilling needed for older workers to stay employed. "In light of the pandemic, the change in the way we work is accelerating and the path to future jobs and careers will look different than it did even a few months ago," said WorkingNation editor in chief Ramona Schindelheim. "When we come out of this on the other side, the people who have taken this time to learn new tech skills though online courses are going to be better positioned to find work. People have to be adaptable."