Data analysis by ProPublica and the Urban Institute shows more than half of older U.S. workers are prematurely pushed out of longtime jobs.
Being forced out of a career before choosing to retire can cause irreparable financial and emotional damage.
Forced retirement is an abject and shameful waste of intellectual resources. It is an embarrassment of mismanagement.
Many Canadians and Americans have come to assume that by their 50s they will have steady work, plenty of time to save for retirement and the opportunity to make their own retirement decisions.
ProPublica and the Washington think tank, Urban Institute, analyzed data from the Health and Retirement Study based on close to 20,000 people since 1992, from the time they turn 50 through the balance of their lives.
Analysis found that between the time older workers enter the study and when they leave paid employment, 56% are laid off at least once or leave jobs under such financially damaging circumstances that it’s likely they did not leave voluntarily.
Only one in 10 of these workers earns as much as they did before their employment setbacks. Years afterward, the household incomes of over 50% of those who experience such work disruptions remain considerably less than those workers who don’t. They never recover.
28% of stable, longtime employees suffered at least one damaging layoff between turning 50 and retirement. Some workers get a suggestive nudge from their employer and others get a cold boot. It seems a whole lot more are getting the cold boot.
Franchising may present a viable option for many people faced with this dilemma. Options come as home based, store front, hands-on or passive ownership models.
Regardless of your work history there is a franchise that can tap into that experience. Even emerging concepts still need good management and communication skills.
Being a franchise owner does not mean you flip the burger, pound the nail, drive the truck. Your role is more toward building the business and managing staff and clients.
In many cases a person can be set up in their franchise within 2 – 3 months. That time line will make it easier to manage fixed financial resources when you are laid off.
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