Losing a job can be a devastating financial blow at any age. But when you’re older, it can hit especially hard. Although it’s illegal to discriminate against job candidates due to older age, it’s a hard thing to prove. And unfortunately, many older workers inevitably fall victim to age discrimination. That’s why a layoff at 59 can be downright brutal.
It’s one thing to be let go at 59 with a few million dollars in savings. But if you’re sitting on a 401(k) with an $800,000 balance, that may not be a large enough nest egg to support a fairly early retirement.
