This is one in a series of papers that explore issues of our aging
society. This report examines how unemployment has a different
impact on the older worker. As workers age, negative -- but
previously temporary -- events such as unemployment may push
otherwise firmly entrenched workers out of the labor force. While
older workers are less likely than others to experience a spell of
unemployment, those older workers who do experience unemployment
have a higher incidence of withdrawing from the labor market. Some
studies have found that unemployment in older workers contributes
up to a one-third increase in the probability of retirement. The
pattern of unemployment leading to unexpectedly early retirement is
not a new development. Rather, it is the relative scale of the
phenomenon to the overall workforce that is new. The shifting
demographics of the workforce have made what was once a fairly
small policy issue grow in importance. Depending on the age of the
older unemployed workers, new alternative income sources such as
retirement benefits and early Social Security benefits may be used
while previous pillars of support such as unemployment compensation
become less helpful in replacing income. Facing lowered expected
wages and lower chances of ...
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