COVID Recession and the Older Worker

COVID and the Older Worker Recession

“Older workers are often hit hard by recessions, and often harder than younger workers. Recessions cause reductions in employment and earnings, increased early Social Security 13 claiming, reduced retirement savings, and increased poverty at old ages. 

The COVID-19 pandemic and resulting recession hit older people, especially older women, even harder than past recessions. This is due both to the COVID-19 recession having a larger magnitude, but also because the pandemic creates additional risks for older workers that cut their (work) lives short.”

From the National Bureau of Economic Research (NBER)