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With Congress debating the next economic relief package, American workers are set to lose additional unemployment money at the end of the week.The crisis has affected all sorts of workers, but one particular group is less likely to be able to recover – the older workforce.AARP found 30% of older workers lost jobs or income because of COVID-19.Research from the Great Recession found it takes older Americans twice as long to get back into the workforce. If they do, they almost always never end up making the money they used to.AARP is also concerned businesses might be reluctant to hire older workers because of the increased risk to the virus.“There’s now five generations for the first time ever in the workforce, so having that diverse age will actually help in bringing products and services to the market that appeal to a wide range of age of people,” said Susan Weinstock, VP of Financial Resilience at AARP.Prior to the pandemic, businesses were looking to recruit older workers because of their unique soft skills: being empathetic, calm under pressure, and a good listener.Multigenerational workforces tend to be more efficient, productive and have fewer errors and absenteeism.“Think about something that happened at work when you are 25 and then when you are 55 and something similar happens you have some perspective you can bring,” said Weinstock.AARP has resources specific for older workers affected by the pandemic, including a jobs board with a lot of remote work for those concerned about going to work in person. 1543
While hundreds of families wait in agony to learn the fate of missing loved ones, officials gave a gut-wrenching forecast on the fate of California's Camp Fire:It's not even halfway done burning yet.Since the Camp Fire erupted 10 days ago in Butte County, it has killed 77 people, destroyed more than 9,700 homes and torched an area the size of Chicago.But the blaze probably won't be fully contained until November 30, according to Cal Fire, the state's forestry and fire protection agency."It is overwhelming, I don't have any word to describe it," Butte County Sheriff and Coroner Kory Honea said. "This is unprecedented. No one has had to deal with this magnitude that caused so much destruction and regrettably so much death."Meanwhile, displaced residents are in limbo. Many are in Chico, Butte County's most populous city, about 15 miles from ground zero of the disaster, the town of Paradise.Some evacuees are staying with friends and family. Others are in a tent city in a Walmart parking lot. On Sunday, those seeking a place to grieve trickled into the First Christian Church of Chico for a candlelight vigil.A sign in the church set an intention for the hourslong open memorial: "We will rise from the ashes."The Camp Fire is already the deadliest and most destructive wildfire in California history. And with 993 people still unaccounted for, officials fear the death toll could keep rising.Crews are combing the remnants of houses where all evidence of life has been wiped out by flames. Many of the searchers have lost their own homes and are looking for the remains of their neighbors.While the search for the dead and missing continues, thousands of firefighters are trying to control the blaze. As of late Sunday, the Camp Fire had seared 150,000 acres and was 65% contained. 1826
What would it take to save million for retirement? Right now, more people than ever are 401k millionaires.Financial adviser Jonathan Duong says saving million is not as impossible as it may seem."A million dollars is very achievable for folks who aren't necessarily making really large six-figure incomes," Duong says. The average 401k millionaire has been contributing to their retirement fund for over 30 years, according to MarketWatch. So, how do you get to million in your 401k? Duong says there are a few easy ways. First, defer over 10 percent of your paycheck to your 401k. Fidelity Investments says it might seem like a lot, but in the end, it should leave you with an annual income that you're use to once you retire. Next, take advantage of your employer match."A match is free money," Duong says. MarketWatch found 28 percent of the contributions to the average 401k millionaire's account came from their employer. "Additional things you can do is working a little bit longer and delaying social security," suggests Duong. Delaying Social Security until you’re in your 70's will allow you to get more money opposed to taking it sooner. “It’s fairly good to say that if you've got 25 to 30 times your annual living expenses saved up, you might be in a position to retire, but there are a lot of other details that go into it," Duong explains. There's no rule of thumb for how much everyone should save, Duong says. It all depends on your living expenses and how much it takes for you to live comfortably. "In my mind, the ability to start today is really a reality for most people it's never too late," Duong says. 1756
With major movies filmed in Georgia over the last few years, Atlanta has become the "Hollywood of the South." For the last few months, however, all production has stopped.“The type of work that we do to prep for movies has basically gone quiet,” said Craig Miller, who has been in the entertainment industry for more than 35 years.This year, his Atlanta-based production company, Craig Miller Productions, cut back due to coronavirus concerns.Movie studios shutting down across Georgia is having a huge economic impact on other industries.“Fiscal year 2019 we were at .9 billion direct to spend,” said Lee Thomas with the Georgia Film Office, who predicts that number to be very much smaller this year. Thomas says Georgia’s film industry directly and indirectly employs about 53,000 workers, making it one of the biggest industries in the state.“It’s not only the people that work directly in the industry but all the ancillary services from rental cars to hotels to restaurants,” she said.Restaurants like Palmer’s in Peachtree City, Georgia.Ashley Edwards is the owner of this restaurant where cast and crew often come to eat. She says her business has lost big bucks since the shutdown.“I’d say three days a week at least we have about maybe 0 to 0 worth of to go orders by 11:30 a.m.,” Edwards said. "We’ve definitely lost that business."Back on set, Miller is following the Georgia Film Academy’s new COVID Compliance Course, a new video detailing preventative practices approved by the Centers for Disease Control and Prevention (CDC) with the goal of getting the industry back to work safely.“They’re doing temperature checks and COVID-19 testing,” Miller said about people returning to work.As COVID-19 cases continue to rise across the country, however, Miller says it’s making restarting production more difficult. 1841
When astronaut Victor Glover climbed aboard the International Space Station early Tuesday morning, he became the first Black astronaut arriving for a long-term stay.Glover, along with his fellow SpaceX Crew Dragon capsule crewmates, will stay on the ISS for six months.A handful of Black astronauts have visited the orbiting lab during space shuttle missions, their stays were a few weeks. More than 300 astronauts from NASA have reached space to date, and Glover is the 15th Black astronaut to do so, according to the New York Times.Glover was selected as an astronaut in 2013, at the time he was serving as a Legislative Fellow in the United States Senate, according to NASA.He is now the pilot and second-in-command on the Crew-1 SpaceX Crew Dragon capsule, named Resilience. While onboard the ISS, he will serve as the Flight Engineer. 847