By Teresa Ghilarducci

The COVID-19 Recession is going to wreak havoc on older workers’ financial future. I am sure it will affect younger people, too, but I’m focusing on the people 50 and up, who will be less likely to get a second chance.

Older workers right now face three risks: the risk of working in frontline occupations without sick leave and protective equipment and becoming disabled or worse; the risk of being laid off; and the risk that their carefully tended retirement accounts will fall significantly in value. In the face of this recession, the retirement advice from some of my thoughtful and careful colleagues rings hollow.

Even worse are some of the policies coming from Congress. I want to combat both. The standard advice from competent experts is utterly useless to the 55-year-old baker, broker or tool and die maker who just lost their job.

Useless piece of expert advice #1: Work until you are 70 then collect Social Security to get the boost in benefits (an increase of about 6.75% for each year one waits to claim between age 62 and 70). In practice, working until 70 and delaying Social Security claiming is an option mainly for the lucky and rich.

Those people who can keep their jobs and are paid well enough to wait do better than the vast majority who can’t. Most everyone claims their Social Security benefits by age 66.

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