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Age discrimination impacting retirement plans

Job security and a timely retirement are often in the life plans and goals of individuals in Minnesota and other states across the nation. While maintaining a job for years and retiring at the age of choice is both ideal and doable for some employees, it is not so easy for others. As workers age, it might be difficult to maintain a job or remain relevant in the industry, especially if age discrimination is the cause for a layoff, firing and unemployment. Moreover, this situation could greatly impact his or her retirement plans.

Age discrimination impacts older workers in both job searches and at their place of employment. Moreover, it negatively impacts an aging worker's ability to find work and even save for retirement. According to recent statistics, the overall unemployment rate for those 45-years-old and older is not higher than those in other age groups, however, the Bureau of Labor Statistics stated in a recent report that incidences of long-term unemployment increases dramatically with age.

For example, in 2014, roughly 22 percent of unemployed people under 25 had looked for employment for roughly 27 weeks or longer, but nearly 45 percent of individuals 55 years and older looked for work in that length of time. In addition, roughly half of those between the ages of 45 and 70 who have been out of work for the past five years reported that age discrimination has impacted his or her ability to get a job.

Discrimination based on age not only violates the civil rights of an employee or potential employee, but it also impacts the ability to plan for retirement. Those being harassed or discriminated against due to his or her age might be able to file an age discrimination suit. This could help the individual punish the wrongdoer and help them recover compensation for the damages caused by the situation.

Source: CNBC.com, "Could age discrimination derail your retirement plans?" Tom Anderson, May 6, 2015

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