Older Workers Will Be More Vulnerable in the Next Recession

Retirement Equity Lab
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Retirement Equity Lab: Schwartz Center for Economic Policy Analysis (SCEPA), https://www.economicpolicyresearch.org

No 2019-03, SCEPA publication series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: An examination of the status of older workers in the third quarter of 2019 reveals two highlights: older workers have higher levels of financial fragility than in 2006, before the Great Recession, and millions of workers who are now nearing retirement lost jobs in the 2008-09 recession, saw their wages fall, and now face increased risk of repeated job loss. Policy recommendations include boosting financial security for older people by strengthening Social Security, creating Guaranteed Retirement Accounts, bolstering unemployment insurance, and creating a federal Older Workers Bureau to protect this growing population in the labor market.

Keywords: older workers; financial fragility; recession; financial security; unemployment; wages; bargaining power (search for similar items in EconPapers)
JEL-codes: E24 J30 J38 J58 J60 J88 (search for similar items in EconPapers)
Date: 2019-11
New Economics Papers: this item is included in nep-age, nep-ias and nep-mac
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