Over Half of Unemployed Older Workers at Risk of Involuntary Retirement

Millions Pushed Out of the Workforce: 2.9 million older workers left the labor force since March. These workers are at risk of having to retire involuntarily due to increased health risks coupled with decreased job prospects.

More Involuntary Retirements to Come: If the rate of labor force exits continues over the next three months, we expect an additional 1.1 million older workers to leave the labor force, adding to the 2.9 million who already left. A total of 4 million people potentially pushed into retirement before they are ready will increase old-age poverty and exacerbate the recession.

Policy Recommendations: Congress should increase and extend unemployment benefits for older workers, discourage withdrawals from 401(k)s and IRAs, lower Medicare eligibility to 50, and create a Federal Older Workers Bureau.