Op-Ed: Pushed to retire and to keep earning, older Americans face a peculiar vise

at the New School’s Schwartz Center for Economic Policy Analysis finds at least 1.7 million more older workers retired because of the pandemic recession than would have been expected without the downturn.

Some of this increase is welcome news, especially for the college-educated who can command a decent salary, but the myth of the happy older worker obscures a glaring reality: Millions of Americans must toil through their elderly years just to stay afloat., “The economic downturn, shifting perceptions of retirement, increased workplace flexibility, and the aging of the ‘baby boom’ generation are all contributing to people working longer.

The Department of Labor needs to research, coordinate, educate and advocate for America’s growing elderly labor force. To meet these critical challenges, President Biden and Labor Secretary Marty Walsh should create an Older Workers Bureau.would identify, investigate and interpret this population’s concerns and coordinate federal and state policies to help them.

Some older workers are gaining power, but many more are losing ground as boomers’ wage growth lags behind that of previous generations and as older workers have seen diminishing economic returns for their vast experience: An extra year of experience on the job pays less and less as time goes on. Amid fast-eroding union and job protections and inadequate pensions, older workers have no “walk-away” leverage in wage negotiations.

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