Laid-off older workers face increased difficulties in finding new jobs compared to those who voluntarily leave due to age discrimination and higher salary expectations. Studies show that these workers often experience an 11% pay cut when reemployed. Profiles of seniors like Kevin Crain, Drew Myers, and Brenda Pitts illustrate varying financial situations post-layoff or buyout, revealing a reliance on savings and concerns about retirement goals. Living expenses and temporary work adjustments shape their decisions, demonstrating the complex impact of layoffs on financial stability and retirement.
Kevin Cahill, an economist at FTI consulting, noted that older workers face significant challenges in reemployment, often due to ageism and elevated salary expectations.
Kevin Crain transitioned to part-time consulting work after early retirement, highlighting the financial adjustments older workers face, including high living expenses in urban areas.
Drew Myers faced difficulties obtaining new employment post-layoff at 67, attributing the challenge to age discrimination, leading him and his wife to relocate for better opportunities.
Brenda Pitts expresses concern about the sustainability of her retirement savings, revealing that despite having $2.3 million, her financial goals may be at risk due to stalled contributions.
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