Given the medical advances that have been happening over the past few decades, it should come as no surprise that New Jersey residents are living longer and longer. This means senior citizens will form a larger and larger portion of American society. Therefore, it's necessary to think about how this age group will be financially supported in the years to come.
Even though staying in the workforce longer can help one remain financially independent, the fact still is that the median age at which senior citizens start collecting Social Security benefits is 62. A big reason for retirement, as research indicates, is age discrimination.
In the Health and Retirement Study of more than 2,000 adults over age 50, more than half had to quit their jobs because of a layoff, business closing, job dissatisfaction or unexpected retirement. As one might expect, these job losses led to financial difficulties over a 10-plus-year period. What's more, only one out of every 10 people who lost their jobs was able to find a new position in the same pay grade.
Overall, nearly 40 percent of retirees were forced out of their jobs. This is a significant increase over the rate of 25 percent from just a couple of decades ago. Analysts say that this shows that senior citizens are being pushed out of the workforce.
While ageism by employers may be rampant, it also happens to be illegal. A worker who has faced age discrimination may want to seek out an experienced attorney. With legal representation, a victim could hold the responsible parties accountable.