NC House Bill 2 Discriminates Against Older Workers

How the Threat of Age Discrimination Impacts Your Retirement Plan

For many older workers, the fear of age discrimination is a significant concern. While laws exist to protect against unfair treatment, the reality is that experienced employees can face unexpected job loss, which can have a devastating impact on their retirement goals. Understanding this risk is a critical part of proactive financial and legal planning.

The Financial Reality of an Aging Workforce

Age discrimination is often a quiet and subtle issue. As employees gain experience, their salaries and the cost of their benefits, particularly health insurance, tend to rise. From a purely bottom-line perspective, older workers can be more expensive for a company than their younger counterparts. In times of financial hardship or corporate restructuring, this can put senior employees at a higher risk of being laid off.

While federal and state laws, such as the Age Discrimination in Employment Act (ADEA), prohibit this practice, proving that a layoff was due to age rather than legitimate business reasons can be a difficult, expensive, and lengthy legal battle.

You Cannot Control Your Retirement Date

The key takeaway is that your planned retirement date is not guaranteed. Many people who intend to work until a certain age find themselves forced out of the workforce earlier than expected due to a layoff, a sudden health issue, or a disability. This can completely derail a retirement plan that was dependent on several more years of income and savings.

This is especially true for those who are living paycheck to paycheck, supporting adult children, or have procrastinated on their retirement planning. An unexpected loss of income can turn a comfortable future into a financial crisis.

The Solution: Proactive Asset Protection

Because you cannot control the actions of an employer, you must focus on what you can control: your own financial security. The best defense against an uncertain employment future is a solid asset protection plan. This involves structuring your finances and legal documents in a way that shields your life savings from future risks and ensures you have enough to live on, no matter what happens in your career.

Whether you are planning years in advance or facing a more immediate crisis, it is never too late to take steps to protect yourself. A comprehensive plan for your future should account for these “what ifs.”

If you have questions about how to protect your assets and preserve your retirement, our experienced attorneys can help. Call our office at (919) 256-7000 to schedule a consultation.