We may need to re-think
retirement. Maybe we don't encourage retirement at
65, let alone at 62. The financial impact will be significant.
In fact, the rules for Social Security have changed
so that people born in 1944-50 must wait until age
66 to receive full Social Security benefits. In other
words, if they retire before they turn 66, they'll
get a percentage taken off for each year they are receiving
benefits prior to their 66th birthday. For those born
after 1950, time will continue to be added to their
retirement date. And there will be incentives if you
wait until 70 to retire.
If all those who are of retirement age pull out
of the workforce at once, it not only will impact
Social Security and individual finances, but it will
also be a huge "brain drain" from many fields. Most
folks in their senior years still have much to contribute.
Perhaps we look at other work options. Many seniors
may not want to work full-time, but we could offer
part-time or flex-time options. We will also need to
look at other barriers that may prevent seniors from
working. There really needs to be a paradigm shift
in how we think about the work of senior citizens.
What tends to happen, upon retirement, is that seniors
get marginalized and stuck in positions where their
skills aren't being fully utilized.
Remember, these are people with a wealth of experience
and knowledge.
On the other hand, seniors also have to learn to adapt
to new technologies and new ways of working. It isn't
just one-sided. They have to be open to new ways of
working and learning.
A theme that was raised at the conference was taken
from the "No Child Left Behind" campaign — only
we called it "No Senior Overlooked." The federal government
can't handle everything alone. It will also fall to
the states, communities and families to provide assistance. |