Millions of Older Americans Could Face This Retirement Disaster. Here's How to Handle It
For most Americans, one of the biggest threats to their financial security in retirement is the possibility that they'll have to leave the working world earlier than expected. Unfortunately, according to recent research from The New School, the COVID-19 pandemic could force this fate on an estimated four million Americans.
In fact, The New School's data from the start of August shows that 2.9 million older workers had already involuntarily left their jobs since March due to the economic effects of the coronavirus. Sadly, their decreased job prospects could mean they may never come back. Even worse, if exits from the labor force continue at the same pace, another 1.1 million older workers may be forced out of their jobs over the next three months, leaving a total of around four million older Americans at risk of involuntary premature retirement if they can't quickly find work.
If you're one of these Americans, or fear you might become one, it's imperative you take steps to mitigate this retirement disaster ASAP.
Source Fool.com
