Forced retirement can have serious consequences, and right now, it’s a lot of seniors’ reality.
Millions of jobs have gone away during the COVID-19 outbreak, with U.S. unemployment levels reaching a record high in April. But not everyone has lost work in the course of the pandemic. In fact, many people have managed to retain their jobs by shifting to remote work. It’s certainly a viable solution, and a better alternative to losing a job — but it’s also an option many older workers can’t take advantage of.
There are an estimated 10.5 million members of the workforce over the age of 65, but many of them hold down jobs that can’t be performed remotely. In fact, almost 80% of workers 65 and over can’t telecommute, reports the Economic Policy Institute. By comparison, the same holds true for only 60% of those between the ages of 35 and 44.
As such, most older workers have two choices right now: Keep plugging away at their jobs while risking their health, or quit and risk being forced into early retirement. Neither, unfortunately, is ideal, and as such, a lot of senior workers are having to make some very hard choices right now.