More than just numbers: Public Agenda president Ruth Wooden and Rich Wolf, economics reporter for USA Today, talk about the challenges and opportunities the nation faces with an unprecedented number of Americans at or near retirement age.
What's retirement going to be like for you? Your parents? Your neighbors? With an unprecedented number of people closing in on that milestone, how is the U.S. going to change? How should it change? Does the graying of America present opportunities as well as challenges to a nation already wrestling with a stressed economy and an oversubscribed federal budget?
Hundreds joined us in person and online Wednesday, June 25th, in Washington, D.C., for "Rethinking Retirement: Opinions, Obstacles, Opportunities," a panel discussion on an issue that affects us all - from the tens of millions approaching retirement, to citizens so young they can barely imagine studying a Social Security statement or launching a second or third career.
The forum, sponsored by the Urban Institute, Civic Ventures and Public Agenda, was held at the Urban Institute, which has an audio webcast of the event available for those of you who missed the event.
Rich Wolf, economics reporter for USA Today, was the moderator. The panelists were: John Gomperts, president of Civic Ventures and CEO of Experience Corps; Eugene Steuerle, Urban Institute senior fellow and vice president of the Peter G. Peterson Foundation; Ruth Wooden, president of Public Agenda; and Sheila Zedlewski, director of the Income and Benefits Policy Center at the Urban Institute.
Future generations of older Americans will be better educated than their own elders and probably healthier too. Declines in the need for physical strength to perform many kinds of jobs will allow some older Americans to work longer, a trend that may partly offset demographic pressures. The talents and energy of older people may also be harnessed in new, socially rewarding "encore careers" or volunteering. At the same time, many in the diverse older population don't have the job skills that will be in demand and many won't be healthy enough to work or volunteer.
Beginning with a demographic profile of the nation's 77 million Baby Boomers and their elders, experts at the Rethinking Retirement conference took a look at new data on how those approaching or in retirement are thinking about retirement and later life and how their attitudes fit with economic and social realities and their own preparations.
Subjects on the agenda also included the ways retirement has changed over the past half-century and why it will continue to evolve. What new institutions, social policies, and career arrangements are needed to meet the needs of seniors and younger generations while at the same time addressing economic priorities and realities including red ink in the federal budget?
Another key topic: with the number of Americans age 65 and older set to double in the next 40 years, the cost of retirement, health and long-term care benefits could impact public spending on other priorities. A surge of retirees could also shrink the labor pool, threatening economic growth and living standards.