Recession Increases Downward Mobility in Retirement: Middle Earners Hit From Both Sides

Michael Papadopoulos, Bridget Fisher, Teresa Ghilarducci, and Siavash Radpour
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Michael Papadopoulos, Bridget Fisher, Teresa Ghilarducci, and Siavash Radpour: Schwartz Center for Economic Policy Analysis (SCEPA), https://www.economicpolicyresearch.org
Authors registered in the RePEc Author Service: Siavash Radpour

No 2020-02, 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 second quarter of 2020 reveals two highlights: increased downward mobility at all earnings levels and middle earners being hit twice, sustaining both job loss and market loss. Policy recommendations include Congress discouraging early retirement withdrawals and increasing and extending unemployment benefits for older workers. The recession exposes the need for comprehensive reform: expanding Social Security and creating a public option retirement plan in the form of Guaranteed Retirement Accounts.

Keywords: older workers; recession; COVID-19; coronavirus; downward mobility; poverty; unemployment; wages (search for similar items in EconPapers)
JEL-codes: E24 J30 J38 J58 J60 J88 (search for similar items in EconPapers)
Date: 2020-05
New Economics Papers: this item is included in nep-age and nep-mac
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