Stunning, staggering, mind-numbing, call it what you will, the COVID-19 pandemic’s crushing impact on the job market is inescapable.
Over 30 million Americans have now filed for unemployment benefits, according to the Labor Department. Not surprisingly, the unemployment rate for workers age 55 and older is climbing, according to the AARP Public Policy Institute.
“Preretirees (approximately 50-65) are getting the wind kicked out of them right now,” said Ken Dychtwald, founder and chief executive of Age Wave, a consulting and research company, and author of “What Retirees Want: A Holistic View of Life’s Third Age,” in his presentation on the American Society of Aging broadcast, “Aging in the Time of COVID-19: Reflections on Life, Health, Family, Community and Purpose.”
The stressful smackdown is not just job losses, though, “it is also compounded by fear of job losses, having to fire and furlough people, kids at home, elder parents in distress, and market volatility,” he told me in a follow-up conversation.