If You’re Over 50, Chances Are the Decision to Leave a Job Won’t be Yours
A new data analysis by ProPublica and the Urban Institute shows more than half of older U.S. workers are pushed out of longtime jobs before they choose to retire, suffering financial damage that is often irreversible.
Tom Steckel hunched over a laptop in the overheated basement of the state Capitol building in Pierre, South Dakota, early last week, trying to figure out how a newly awarded benefit claims contract will make it easier for him do his job.
Steckel is South Dakota’s director of employee benefits. His department administers programs that help the state’s 13,500 public employees pay for health care and prepare for retirement.
It’s steady work and, for that, Steckel, 62, is grateful. After turning 50, he was laid off three times before landing his current position in 2014, weathering unemployment stints of up to eight months.
When he started, his $90,000-a-year salary was only 60 percent of what he made at his highest-paying job. Even with a subsequent raise, he’s nowhere close to matching his peak earnings.
Money is hardly the only trade-off Steckel has made to hang onto the South Dakota post.
He spends three weeks of every four away from his wife, Mary, and the couple’s three children, who live 700 miles away in Plymouth, Wisconsin, in a house the family was unable to sell for most of the last decade.
With Christmas approaching, he set off late on Dec. 18 for the 11-hour drive home. When the holiday is over, he’ll drive back to Pierre.
“I’m glad to be employed,” he said, “but this isn’t what I would have planned for this point in my life.”
Many Americans assume that by the time they reach their 50s they’ll have steady work, time to save and the right to make their own decisions about when to retire.
But as Steckel’s situation suggests, that’s no longer the reality for many — indeed, most — people.