In an article that appeared August 1 in Financial Advisor Magazine, Michelle Connell, CFA gave her insight into the impact this pandemic may have on older workers, and why she encourages those facing early retirement — or even looking at quitting a job now and waiting for the economy to recover — to pump the breaks and consider all factors before making a decision.
Americans 65 and older are at the greatest risk from the COVID-19 pandemic. And not just for health reasons. While risk of severe infection and complications from the disease increase with age, this demographic also faces the highest casualties in the workforce.
In May, the combined unemployment and underemployment rate for workers over 65 was 26 percent — that’s 5 percent higher than workers ages 25 to 54. In addition, older workers already face age discrimination and job displacement as more employers go digital. These factors can make the offer of early retirement incredibly tempting. But is it worth it?
Click below to read more about the potential downside to early retirement for older Americans.
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About the Author
Michelle Connell, CFA is the President and Owner of Portia Capital Management, LLC and one of the highest-rated finance professors in the United States, currently serving as an adjunct professor at The University of Texas. Ms. Connell works with her students and private clients to understand the value of crafting a portfolio that includes conventional products as well as alternative assets, including private equity, private debt and real estate, and allows investment portfolio creation with greater downside protection and more consistent returns.