Slashdot Mirror
When No One Retires (hbr.org)
More and more Americans want to work longer -- or have to, given that many aren't saving adequately for retirement. From a report: Before our eyes, the world is undergoing a massive demographic transformation. In many countries, the population is getting old. Very old. Globally, the number of people age 60 and over is projected to double to more than 2 billion by 2050 and those 60 and over will outnumber children under the age of 5. In the United States, about 10,000 people turn 65 each day, and one in five Americans will be 65 or older by 2030. By 2035, Americans of retirement age will eclipse the number of people aged 18 and under for the first time in U.S. history.
[...] Soon, the workforce will include people from as many as five generations ranging in age from teenagers to 80-somethings. Are companies prepared? The short answer is "no." Aging will affect every aspect of business operations -- whether it's talent recruitment, the structure of compensation and benefits, the development of products and services, how innovation is unlocked, how offices and factories are designed, and even how work is structured -- but for some reason, the message just hasn't gotten through. In general, corporate leaders have yet to invest the time and resources necessary to fully grasp the unprecedented ways that aging will change the rules of the game.
What's more, those who do think about the impacts of an aging population typically see a looming crisis -- not an opportunity. They fail to appreciate the potential that older adults present as workers and consumers. The reality, however, is that increasing longevity contributes to global economic growth. Today's older adults are generally healthier and more active than those of generations past, and they are changing the nature of retirement as they continue to learn, work, and contribute. In the workplace, they provide emotional stability, complex problem-solving skills, nuanced thinking, and institutional know-how. Their talents complement those of younger workers, and their guidance and support enhance performance and intergenerational collaboration. In encore careers, volunteering, and civic and social settings, their experience and problem-solving abilities contribute to society's well-being.
[...] Soon, the workforce will include people from as many as five generations ranging in age from teenagers to 80-somethings. Are companies prepared? The short answer is "no." Aging will affect every aspect of business operations -- whether it's talent recruitment, the structure of compensation and benefits, the development of products and services, how innovation is unlocked, how offices and factories are designed, and even how work is structured -- but for some reason, the message just hasn't gotten through. In general, corporate leaders have yet to invest the time and resources necessary to fully grasp the unprecedented ways that aging will change the rules of the game.
What's more, those who do think about the impacts of an aging population typically see a looming crisis -- not an opportunity. They fail to appreciate the potential that older adults present as workers and consumers. The reality, however, is that increasing longevity contributes to global economic growth. Today's older adults are generally healthier and more active than those of generations past, and they are changing the nature of retirement as they continue to learn, work, and contribute. In the workplace, they provide emotional stability, complex problem-solving skills, nuanced thinking, and institutional know-how. Their talents complement those of younger workers, and their guidance and support enhance performance and intergenerational collaboration. In encore careers, volunteering, and civic and social settings, their experience and problem-solving abilities contribute to society's well-being.
I am retiring the instant I meet my relevant financial goals for doing so.
Really the biggest problem I see, is how Gen X and Millennials are getting blocked out of their advancement tracks. When people in their 60+ are not retiring, that is creating a workforce where it is difficult to for the younger folks to advance in, because these promotion jobs are already covered by people with more experience.
Plus the next set of problem, is these older people are not planning on retiring, so this means, they are not taking promising young people under their wing, mentoring them the tricks of the trade, to be ready to step up and continue on the work. Now these people are working to their death, without a transition plan in effect.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
There's an entire branch of applied mathematics, known as actuarial statistics, that literally does nothing but figure these things all day long. And since corporations pay them a ton of money to do these projections, they've gotten pretty good at them. As in, amazingly good.
You are welcome on my lawn.
My job doesn't pay as much as I would like. Waaaaaaaaaaa!
Dude, "some might call it slavery" is ridiculous. You are looking at it *all wrong*.
Slaves cannot refuse sex. You can. Slaves cannot quit and choose a different employer. You can. Slaves cannot refuse to be beaten. You can. Slaves cannot choose where they live. You can. Slaves cannot vote. You can. Your analogy is juvenile.
You like having things, like clothing, food, electricity? Well, somebody has got to produce all of that for you. You think THEY want to work for free? THAT would be slavery. No, you MUST give something back for all the effort they have put forth on your account. YOUR job is how YOU pay them back. The "tokens" are just a means of facilitating the exchange.
Yes, we have a problem wherein too much wealth and power are concentrated among too few people. But your analysis of the situation is idiot-level wrong.
People certainly are "retiring" in terms of collecting Social Security old age benefits.
There were about 2.8 workers for every Social Security Old Age old age, survivors, and disability insurance (OASDI) beneficiary in 2017. This is down from 3.7 in 1970, and 5.1 in 1960. Te ratio had been stable, remaining between 3.2 and 3.4 from 1974 through 2008, but now going down quickly.
The Social Security trustees forecast that the ratio of workers to beneficiaries reaches 2.2 by 2035 when the baby-boom generation will have largely retired.
or the stock market crashes and takes out your investments. Or your company outsources your job in your 50s and nobody'll hire you. Or any one of a dozen things out of your control happen.
But it's a good thing we didn't gut the social safety net and that nobody is doing anything that could impact your plans to retire.
I'm sure knowing all that is a real load off the old minderooni.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
I could literally retire right now and not run out of things to do for the rest of my life, no matter how old I may get.
If you define yourself only by your work, I have nothing but pity for you.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
or volunteer. Or get involved in politics. Or play video games. Or build model airplanes. Or teach a community college class. Or do any one of a million things folks can do when they're not working all the time. There's plenty of ways to be relevant w/o working full time.
Yes, there are some folks who don't know what to do with themselves if they're not working. But they myth that most folks are that way is, well, a myth. One I suspect the wealthy put in our heads like the old "Idle hands are the devil's plaything" bullshit.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/