Getting laid off close to retirement is a different kind of problem than getting laid off in your 30s, because there are no decades left to rebuild the income you were counting on. And losing your main income stream can tank your retirement plan.
Workers closest to retirement keep showing up on layoff lists, and it usually has very little to do with how well they do the job. Most of the time, the reasons are structural. The Urban Institute and ProPublica found that 56% of workers with stable jobs in their early 50s are pushed out before choosing to retire. Of those laid off between 50 and 65, 24% never found another job.
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