Michael Patton Advising: New Study Finds Widespread Job Loss After 50
Research conducted by the Urban Institute suggests that many people with apparently stable positions face a job loss after age 50 with serious financial consequences. (1)
Analyzing data from the University of Michigan Health and Retirement Survey — a long-term survey of Americans ages 51 and older — researchers found that about two-thirds of people in their early 50s who were working in a long-term, full-time job lost their jobs involuntarily before reaching age 65, and then remained unemployed for six months or more or took a pay cut of 50% or more to accept other work. More than half left due to employer-driven issues including layoffs, business closings, or deteriorating work conditions such as reduced hours, pay, or benefits; lack of promotional opportunities; or problems with supervisors or co-workers. (2)
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