Reply to Everyone I know is laid off by age 55

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The current unemployment rate for hose 55 and over is 5.3%, so no, not everyone is laid off at 55 and then can’t find another job.

https://fred.stlouisfed.org/series/LNS14024230[/quote]

That doesn't include discouraged workers who are no longer actively looking. It also doesn't include people who took much lower paying jobs (or working at a Starbucks for health insurance when you used to make $100k).[/quote]

The labor force participation rate for those 55-64 was 65.3% in 2019, and the this statistic has been creeping up over the past couple of decades.  So the majority in that age bracket were working.

https://www.bls.gov/emp/tables/civilian-labor-force-participation-rate.htm

Underemployment statistics are harder to come by, but a 2019 survey by AARP found that 14% of people 45 and older reported being underemployed.

https://www.aarp.org/work/working-at-50-plus/info-2020/underemployment-age-discrimination.html

I am not denying that there are people 55 and over experiencing un/underemployment, or that un/underemployment at that age doesn't have it's own challenges.  But it's just silly to say this is happening to everyone you know.  The numbers say otherwise.[/quote]

Almost anything AARP says is bullshit. They are a pimp for insurance companies. 
[/quote]

so I looked at the unemployment data and it just doesn't fit in with my experience in corporate world.  I think you do have to separate out private industry vs. government and then there's no doubt to me that people 50+ are more vulnerable to losing a job and then finding it harder to get a job at the same salary level.  This is one area where there's no downside to financially planning for such an event at the age of 55+.  [/quote]

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