A recent analysis conducted by ProPublica and the Urban Institute reveals workers over 50 in the U.S. are more likely to be pushed out of their longtime jobs and careers, sometimes long before they choose to retire. In many cases, this results in an irreversible degree of financial damage. Orange County age discrimination attorneys in California know that many Americans assume that by the time they reach 50-years-old, they’ll have the benefit of steady work, they’ll have a solid start on their retirement savings and at least 15 to 17 more years of their career ahead of them – with some freedom to decide exactly when they’ll go. Unfortunately, that is no longer the reality for many workers.
Researchers conducted this analysis by examining information gleaned from the Health and Retirement Study (HRS), which is one of the best broad-based information sources we have about aging in the U.S., tracking a nationally representative sample of about 20,000 people since 1992, starting when they turned 50 and on through the rest of their lives.
What they discovered was that by the time workers entered the study to the time they they exited a paid employment role, approximately 56 percent were laid off at least one time (some more) or left jobs under circumstances that so financially destructive it was almost certain they were pushed out rather than chose to exit voluntarily. After such an event, only one-tenth of those workers went on to ever earn as much as they did before their employment setbacks. Even years later, household incomes of older workers who experience such losses are still much lower than those who don’t work. It’s not how most people anticipate ending their careers. Continue reading