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The Story of Ageism In America

Workers 55 and older already make up one-third of home health and personal care aides.

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Are Aging Americans Too Old to Work? VOA
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Each workday, Marty Harwell, age 66, sets the alarm for 5:15 p.m., giving himself enough time to grab a shower and something to eat before clocking in for his 7 p.m. night shift as a pediatric nurse working in home health care.

The California man, who worked in the music industry for most of his adult life, fell back on nursing full time in order to guarantee a steady income for himself and his family.

“I’ve had a couple of questions like, ‘When are you going to retire?’ somewhat facetiously from people who want my slot, who are younger,” Harwell says, “but otherwise I have not encountered any kind of age discrimination or pay loss.”

Harwell is among the almost 1 in 5 Americans aged 65 and older who are still working or looking for work, according to the AARP, a nonprofit organization that advocates for older Americans.

But while two-thirds of senior citizens say they plan to work well into their retirement years like Harwell is doing, only about 20 percent actually do.

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By 2030, one in every five residents will be older than age 65, according to the U.S. Census Bureau. VOA

There are a number of reasons for this under-employment, according to Teresa Ghilarducci, a labor economist who specializes in retirement security.

“They have to find the best job under limited circumstances,” Ghilarducci says. “They’re usually stuck in place because they own a house or they have a lot of embedded family relations. So the one challenge is that they can’t move like young people can to find a good job.”

The second challenge is age discrimination.

“Especially against women and not just in terms of being hired, but also promotion, training and pay increases,” she says. “Ageism seems to affect women more than men. Meaning that perceptions of older women in terms of their ability to learn, their ability to get along with other people at work, are viewed as more negative than it is for an older man.”

Another roadblock is that certain jobs require more physical ability than some older people have. Also, they might not be as up to speed on computers as younger workers. And even if senior citizens are able to catch up, many employers might be reluctant to offer training to older workers due to concerns it won’t pay off because the older worker might not stay on the job as long as a younger co-worker.

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VOA

For some of those older Americans who are employed, the job is often more lucrative than ever. The U.S. Census Bureau reports that workers over 65 are not only making more money on average than ever before, but they’re also outpacing the average earnings growth of other age groups.

But Ghilarducci cautions that those rosy numbers can be misleading.

“We find there’s a lot more inequality among the older age groups,” she says. “So there are some very highly paid people who are older who are getting big wage increases, but the average is being pulled up by just a few.”

By 2030, one in every five residents will be older than age 65, according to the U.S. Census Bureau.

More age-friendly employers in the not-for-profit sector, such as hospitals and government agencies, are preparing for the time when there are many more older people in the workforce. Workers 55 and older already make up one-third of home health and personal care aides.

However, Ghilarducci finds that far fewer for-profit companies are creating workplaces that will attract older people.

As for Marty Harwell, he has no plans to retire. Most of his friends still work, at least part time, and he expects to do the same.

Also Read: Usage of E-cigarettes In American Teens Have Reached ‘Epidemic Proportions’: FDA

“About three years ago I realized I wanted to come full circle back to my musical profession and then from there I realized, ‘Well, I don’t really want to retire per se,’” he says. “I am going to shift gears and do what makes me genuinely happy.”

Harwell views working in music as a “joyful task” and expects returning to his passion will earn him enough money to keep him happy and satisfied during his so-called “Golden Years.” (VOA)

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Saudi Arabia’s Sovereign Fund Invested $1 Billion In An American Electric Car Manufacturer

Saudi Arabia's 33-year-old Crown Prince Mohammed bin Salman has talked about using the PIF to help diversify the economy of the kingdom.

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Derek Jenkins, VP of Design at Lucid Motors, introduces the alpha prototype of the Lucid Air at the 2017 New York International Auto Show in New York City. VOA

Saudi Arabia’s sovereign wealth fund invested $1 billion Monday in an American electric car manufacturer just weeks after Tesla CEO Elon Musk earlier claimed the kingdom would help his own firm go private.

Tesla stock dropped Monday on reaction to the news, the same day that the Saudi fund announced it had taken its first loan, an $11 billion borrowing from global banks as it tries to expand its investments.

The Saudi Public Investment Fund said it would invest the $1 billion in Newark, California-based Lucid Motors.

Lucid Motors
Lucid Motors. Flickr

The investment “will provide the necessary funding to commercially launch Lucid’s first electric vehicle, the Lucid Air, in 2020,” the sovereign wealth fund said in a statement. “The company plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Arizona, enter production for the Lucid Air to begin the global rollout of the company’s retail strategy starting in North America.”

Lucid issued a statement quoting Peter Rawlinson, its chief technology officer, welcoming the investment.

“At Lucid, we will demonstrate the full potential of the electric-connected vehicle in order to push the industry forward,” he said.

The decision comes after Musk on Aug. 7 tweeted that he had “funding secured” to take Tesla private. Investors pushed Tesla’s shares up 11 percent in a day, boosting its valuation by $6 billion.

Lucid Motors
Electric Car

There are multiple reports that the U.S. Securities and Exchange Commission is investigating the disclosure, including asking board members what they knew about Musk’s plans. Experts say regulators likely are investigating if Musk was truthful in the tweet about having the financing set for the deal. Musk later said the Saudi Public Investment Fund would be investing in the firm, something Saudi officials never comment on.

Meanwhile Monday, the sovereign wealth fund known by the acronym PIF said it had taken its first loan, an $11 billion borrowing. It did not say how it would use the money, only describing it as going toward “general corporate purposes.”

Also Read: Electric Cars: The Newest Trend in India

The Las Vegas-based Sovereign Wealth Fund Institute estimates the Saudi fund has holdings of $250 billion. Those include a $3.5 billion stake in the ride-sharing app Uber.

Saudi Arabia’s 33-year-old Crown Prince Mohammed bin Salman has talked about using the PIF to help diversify the economy of the kingdom, which relies almost entirely on money made from its oil sales. (VOA)