In fact, older adults are healthier, better educated and more productive than previous generations.
U.S. economic growth has been underwhelming for some time, averaging around 2% these days. In recent months, economic commentators have intensified their search for the underlying reason why the economy can’t kick into higher gear. They’ve landed on this highly disputable explanation: Too many old people.
This message of worry resonated during the June meeting in Japan of leaders from the G-20 nations, too, where aging was on the priority list for discussion for the first time. And not in a good way. Also see: The most innovative thinking on retirement, from how we save for it to how we spend it to what it all means
Instead of hand-wringing about aging, the exciting challenge is to create incentives and institutions that welcome experienced employees in the workplace and entrepreneurs in the second half of life. Given the opportunity to continue using their skills and knowledge, experienced workers can be a powerful force for rejuvenating businesses and nonprofits and, yes, boosting U.S. economic growth.
“I would suggest that the ability to spot, mobilize and deploy older workers is the next biggest source of competitive advantage in the U.S. companies,” wrote Tyler Cowen, economist at George Mason University. “The sober reality is that many companies should retool their methods to fit better with the experience and sound judgment found so often in older workers.”
To further increase the labor-force participation rate of experienced workers , health and retirement systems could be redesigned to support a mobile workforce and to encourage older workers to stay in the job market longer. Employers could offer more late-career training and phased retirement programs that let people keep working in their 60s and beyond, just not 40-hour workweeks.
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