January 3, 2008
Featured Topic: Boomers Approach Retirement
On January 1, 2008 the first phalanx of the 76 million-strong baby boom generation could begin receiving Social Security benefits. Boomers’ choices about work, retirement and volunteerism after age 62 will have important consequences for their health and economic well-being as well as the broader economy. Our recent research examines how today's older adults make these choices.
Work
The century-long trend toward lower labor force participation rates at older ages recently reversed course. Improved health, jobs' reduced physical demands, relatively lower Social Security benefits, and a continued decline in traditional pension and retiree health benefits likely encourage more people to work longer. How many older people are willing and able to work? Will the right jobs be there for them? Will late-career health and employment shocks derail the plans of many of these workers? Read more:
Formal Volunteering
As boomers reduce their hours of paid work, some may join the ranks of those engaged in formal volunteer work. While most adults acquire the volunteer habit while still working, a significant share begins volunteering after retirement. And most older adults stick with their volunteer decisions for a long time, especially those who contribute a lot of hours and who are married to volunteers. Despite high rates of volunteerism and paid work among many, over 10 million healthy older adults with no caregiving responsibilities are not engaged in these activities. Coming shortages of volunteers and workers should prompt nonprofits and employers to court their talents. Read more:
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