- Reconsidering goals and expenses can be key to dealing with a job loss, whether due to a layoff or an extraneous circumstance, for older professionals
- A job loss in one’s 50s can mean early retirement, but without the benefit of being financially prepared
The covid-19 pandemic has taken a toll on jobs and livelihoods across the board. For the young, it may be relatively easier to pick up the pieces and move on to the next opportunity in case of a job loss, but things aren’t nearly as smooth for older professionals, especially if they are nearing retirement.
Although there is no clear estimate of how many people close to retirement age have been fired due to covid-related downsizing, a survey by HelpAge India conducted among 5,000 people showed that during the lockdown, 65% of people in the 60-80 age group lost their livelihoods.
According to Shilpi Johri, certified financial planner and founder of Arthashastra Consulting, since companies are not able to sustain losses, layoffs or forced resignations or leave without pay could be a norm for some time and those nearing retirement might be the first to go. “For such professionals, finding a new job could be difficult in the current economic situation, because a younger workforce is available for less pay,” she said.