The brutal math is this: among U.S. citizens aged 50 to 65 who experienced at least one layoff in the past 10 years, 24% were not able to find a new job. And even for the lucky subset who did land work, 11% were forced to take a pay cut.

These are not abstract “labor market trends.” They are an x-ray of what happens when the cost of living pressures peak while older workers are pushed into a slower, harsher job search. The same 2025 WSJ analysis, using Boston College’s 2012 to 2022 Retirement Study, also found that 14% of Americans between 50 and 65 were laid off once in the past 10 years, and 4% were fired more than once. That repeat exposure matters. It means some workers are not just between jobs, they are being reset, then reset again, in a market that may not reward their years of experience the way it used to.

The “why” is mostly visible in the cohort details. The analysis notes that the group who could not find a new job is “almost entirely represented by the Gen X cohort,” aged 45 to 60. In other words, this is not only the oldest segment of the workforce struggling. It is middle-to-late career Gen X workers, who often hold competitive senior roles later in their careers. That is where the pain gets second-order. People do not usually fall out of the workforce in their peak credential years unless something is off in how hiring decisions are being made.

Older workers are being treated like they are both too close to retirement and not close enough to the needs of today. The source lays out the market mechanism clearly. Gen Xers are nearing retirement age, so they may be perceived as being “more temporary” than millennial and Gen Z candidates who have decades left. At the same time, “more Americans working longer” increases competition for a “select number of senior roles.” So even if someone is qualified, the lane might be narrower than their resume assumes it should be.

The comparison across ages is stark. Among people who were laid off, Gen Z and millennials aged 25 to 34 were typically unemployed for an average of 19 weeks, compared to employees aged 55 to 64 who were unemployed for 26 weeks. That unemployment gap may look like a single number until you consider the compounding effect: longer time without income can mean faster depletion of savings, more debt stress, and more pressure to accept worse terms. The analysis also notes the pay cut: even among those Gen Xers who could find a new job, 11% took a pay cut.

Layer on the broader financial context, and the story stops being only about hiring and starts being about incentives. Deputy data analyzed by Fortune shows that around 81% of Gen X workers say their current job does not pay enough to feel financially secure. Only 75% of Gen Z, 73% of millennials, and 71% of baby boomers say the same. That means Gen X is already living in a higher-stress economic band, and layoffs plus pay cuts hit that band the hardest.

The same source provides a direct window into what that financial pressure looks like in lived terms. Deputy’s CEO Silvija Martincevic told Fortune: “Many Gen X workers are facing intense financial pressure-from rising costs to juggling the responsibilities of caring for both children and aging relatives, all while managing the highest average debt of any generation in the U.S.” The point for decision-makers is not the quote itself. It is the combined burden. When employment gaps coincide with caregiving and debt, the hiring market does not just select candidates. It shapes who can stay afloat.

There is also the “overlooked” problem, which is bigger than unemployment weeks. Dubbed the “Forgotten Generation,” Gen X makes up one-third of the U.S. workforce, yet is often overlooked as “vital workers.” Achievers reports that Gen X is 18% less likely than other generations to say they feel a strong sense of belonging at their organization, and 30% less likely to say they’re meaningfully recognized at work. Resume Now finds the money consequence too: nearly half of workers over age 40 report earning less than younger coworkers, and about 49% say they make less money than their Gen Z and young millennial colleagues for doing the same job.

That pay gap then loops back into hiring and retention decisions. If older workers expect bias and slower advancement, they may leave sooner, which makes the “senior roles are limited” issue worse for everyone. And the opportunity gap is real in the numbers the source cites: about 22% of employees 40 and up say their workplaces skip over older workers for challenging assignments, and 16% say they’ve witnessed a pattern of being passed over for promotions in favor of younger staffers.

Put together, the layoffs, the unemployment outcomes, the pay cuts, and the recognition problem are a single narrative: Gen X careers are getting squeezed at the exact point they should be most valuable to organizations. For boards and executives, the strategic stake is straightforward. In a market where 14% of Americans 50 to 65 have been laid off at least once in a decade, and 24% of those workers can’t find a new job, companies that treat senior experience as a liability will end up bidding against time. The same leaders planning workforce strategies now should assume the “Forgotten Generation” will not just be a cultural issue. It is a talent risk, a wage pressure signal, and a retention and bench strength problem that shows up when the next layoff wave hits. A version of this story was published on Fortune.com on July 22, 2025.