Title: How Baby Boomers Can Overcome the Retirement Crisis and Find Employment
Money | June 18, 2024, 8:14 a.m.
In the looming retirement crisis as America's boomer population grows older, BlackRock CEO Larry Fink proposes a solution in his March letter to shareholders: encourage people to save more and work longer to prevent an economic catastrophe. However, this plan overlooks the widespread age discrimination many older workers face in the job market. Despite legal protections, many companies favor younger employees, leading to fewer opportunities for older workers. Studies show a significant bias against hiring older workers, especially women, in bridge jobs typically used to ease into retirement. Age discrimination cases are on the rise, highlighting a growing issue in the workforce. With an aging population and a lack of retirement savings, older Americans are left in a difficult position, unable to retire comfortably. The system's failure to support older workers sets the stage for an impending economic disaster.