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Abstract As the population grows older, an increasing share of the workforce will be past age 60. Older workers have often been considered less productive than younger ones, raising the issue of whether an aging workforce will also be a less productive one. This paper uses evidence from the monthly Current Population Survey files to…
For the average older worker who loses his job, his income a decade later is 15 percent lower than if he had escaped the layoff. It gets worse: His pension wealth is worth 20 percent less, and his financial assets are 30 percent smaller. The enormous financial hit delivered to older workers who experienced a…
