GOP Tax Plan Fails to Reform Regressive Retirement Tax Breaks
September Unemployment Report for Workers Over 55
Near-Retirees at All Incomes Are Almost 1/3 Short of Target Retirement Savings
August Unemployment Report for Workers Over 55
One out of Four Older Workers Lack Employer Provided Health Insurance
July Unemployment Report for Workers Over 55
May Unemployment Report for Workers Over 55
Without the Choice to Retire, Unemployment Exacts High Psychological Costs on Older Workers
The Department of Labor’s monthly unemployment report released today shows an unemployment rate of 3.4% for workers over the age of 55. The unemployment rate has decreased from 3.6% last month to 3.4%, a decrease of 0.2 percentage points.
In addition to imposing a financial cost on older workers, unemployment can also impose a psychological cost. The unemployed are not unemployed by choice. And being deprived of choice creates a feeling of helplessness. According to the Health and Retirement Study (HRS), a nationally representative study of older Americans, unemployed respondents were more likely than both workers and retirees their same age to report a general feeling of helplessness. Among 55 to 64-year-olds, 40% of the unemployed agreed with the statement, …
