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Advice for older workers forced to retire early amid COVID-19 pandemic

Advice for older workers forced to retire early amid COVID-19 pandemic
Posted at 1:35 PM, Jun 30, 2020
and last updated 2020-06-30 14:23:41-04

As Americans slowly return to work, older workers are finding the current economic situation much harder to navigate than their younger counterparts.

Many large companies, including the airlines, are offering early retirement packages. For older workers, those buyouts come with uncertainty for their financial future.

“These are tough times, especially for older workers,” said Susan Weinstock with the AARP.

Weinstock’s concern is older workers are being forced out of work without enough saved for retirement. According to AARP, half of full-time workers experience job loss after the age of 50. It typically takes them double the time to get back into the work force as it does a younger worker, and even if they find a job, they end up making less money.

For those over the age of 50 who have suddenly lost their job because of COVID-19, there's also less time to make up retirement savings that were lost.

“We know saving through work is the best way to save for retirement, and when you don’t have that option it makes it a lot harder,” Weinstock said.

Weinstock's advice if you're over the age of 50 and out of work is to use this time to upscale or re-scale. She suggests finding an online class. Showing employers that you're a lifelong learner can make you more marketable.

“We want to make sure older workers are able to recover from this, along with everybody else in the economy,” Weinstock added.

For those working from home, Weinstock recommends taking the money you might have spent on commuting and putting it into your retirement account.

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Reopening Ohio
Gov. Mike DeWine and the State of Ohio have established a plan to begin reopening Ohio businesses starting May 1. Below is a timeline of the businesses allowed to reopen.

May 1: Medical care – non-essential surgeries and procedures that do not require an overnight stay will be allowed beginning May 1.
May 4: Manufacturing, distribution and construction businesses that were ordered to cease activities may reopen on May 4, as well as general office environments.
May 12: Retail establishments and facilities will be allowed to reopen on May 12.
May 15: Salons, barbershops, day spas, tanning facilities, massage parlors, tattoo parlors and piercing businesses. Restaurants will be allowed to serve patrons on outdoor patios. More details here.
May 21: Restaurants and bars will be allowed to reopen for dine-in service. Read more here. Campgrounds will be allowed to reopen. Read more here.
May 22: Horse racing will be allowed to resume, with no spectators. Casinos and Racinos are not included in the reopening. Read more here.
May 26: Gyms, fitness centers, regulated pools, recreation centers and studios will be allowed to reopen, with new requirements. Non-contact and limited-contact sports leagues, such as golf, baseball and tennis will be allowed to resume. BMVs across Ohio will reopen, but government officials encourage citizens to utilize the BMVs online services when possible. Read more here.
May 31: Day care centers will be able to reopen in Ohio. Read more about the plan to reopen day cares here. Day camps and summer camps will also be allowed to operate. Details on that here.

While these announced reopenings encompass the majority of the businesses, agencies and events closed and canceled by the state's orders, the governor has not yet made an annoucements on when K-12 schools in the state will reopen, nor when places of public amusement, such as theme parks, gambling businesses, skating rinks, movie theaters, and others will be allowed to reopen. See a full list of indoor and outdoor places that remain closed here.

Click here for more details on the state's "Responsible RestartOhio" plan.