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Implications of a Forced Early Retirement
Earlier this month, the Schwartz Center for Economic Policy Analysis’s (SCEPA) The New School reported that “2.9 million older workers left the labor force since March. These workers are at risk of having to retire involuntarily due to increased health risks coupled with decreased job prospects” and projected potentially another 1.1 million additional forced retirements in the next three months. In many of these cases, the result of a pandemic-caused exit from the workforce introduces severe consequences, most notably the interruption in retirement savings plans and the potential need to file for Social Security benefits earlier than planned. The Motley Fool’s Christy Bieber examines this situation in a post on billingsgazette.com, focusing on the effects of premature retirement and, for fearing they may fall into this category, a fundamental step that can be taken to mitigate at least part of the impact. Read her post here…
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