Please track the growing “median” age of Americans. A quick trip to the Census Department’s data reveals these facts about our maturing population:
(1970 = 28 was the median age) ⇒ (1980 = 32.8 median) ⇒ (2000 = 35.3 etc.) ⇒ (2004 = 36.2). – We will be pushing 40 in a few, short years! But wait – there’s more! Between 2003 and 2004, 351,000 persons moved into the 65 and over age group. By 2050, the projected 65, or older, population will be 86.7 million, representing a 147 percent increase between 2000 and 2050.

We know that we may have to work beyond age 65, but is the opportunity to work older really available to us?

According to a recent McKinsey survey, 13% of Americans actually work until age 65. 40% stop working earlier. The average age of current retirees is 59. This is in spite of the fact that full Social Security and Medicare benefits are tied to age 65 (or later). As of 2005, 60% of 60 year-olds, 32% of 65 year-olds and 19% of 70 year-olds were employed according to the BLS. 44% of current retirees were laid-off (downsized) in advance of retirement age and believe that “their age hurt their ability to find new jobs at the same pay scale.”

It is time for organizations and people alike to realize that the new economy is market-driven and pay, for many, is no longer linked to what they once earned but to the value placed on the contribution.

Many employers believe that the cost of employing older workers is prohibitive. What are the facts?.
A 2005 Towers Perrin study contends that the cost of retaining workers 50 and older ranges from “0” to “3%” because the costs are lower than hiring and training new employees. Not to mention the not-so-hidden cost factor of higher turnover among younger workers.

What’s the cost to U.S. business due to lost productivity of working caregivers?The MetLife Mature Market Institute(R) (MMI) reports that the cost to U.S. business due to lost productivity of working caregivers is between $17.1 billion and $33.6 billion per year. Either number is too high!

Baby Boomers Percentage of all boomers, ages 41 to 59, providing financial support in the past year to a child

Pew Research states that, in the past year, 50% of all boomers were raising one or more young children and/or providing primary financial support to one or more adult children, while another 17% whose children are ages 18 and older were providing some financial assistance to at least one such child.

Two-in-ten boomers were providing some financial help to a parent. Few boomers bear all these responsibilities simultaneously; about 13% are providing some financial support to a parent at the same time as they are also either raising a minor child or supporting an adult child.

Trapped by the need to work and help support others, few of these Boomers are able to invest or save for their own maturity. The problem is worsening.

Is it time for Private Sector Pension Plans to Rest in Peace?
According to The Motley Fool –"While corporate operating earnings post 16 consecutive quarters of double-digit growth, corporate pension plans remain in the red with minimal contributions continuing to be made. ... S&P 500 defined-benefit plans as a group were $140.4 billion under-funded for 2005." According to the report, here are the 10 companies with the biggest deficits: (1) Exxon, (2) Ford, (3) Lockheed Martin, (4) General Motors, (5) Raytheon, (6) Pfizer, (7) DuPont, (8) Goodyear, (9) Proctor & Gamble and (10) IBM – yes, that IBM!

What else is going on relative to Pension Plans? .
Well, the Pension Benefit Guaranty Corporation (PBGC) is hardly a household name…this relatively unknown agency looks at financial risk exposures in defined pension plans. It is this agency that is expected to protect pension beneficiaries. The PBGC guarantees some of the financial obligations of companies for the liabilities of their defined benefit pension plans, just as the former FSLIC (Federal Savings and Loan Insurance Corporation) guaranteed the obligations of savings and loans for their deposits. Well, of course, the downside is that as the pension cash deficit is in the billions – what some think will really happen is that taxpayers will foot the bill to make up for under-funded pensions even though private and public sector firms could be forced to put more in their pension-plans to make up the backlog. – Now you know one good reason why companies are bailing out of these plans as fast as they can!

How about public-sector companies? Are their pensions under-funded?.
Are they ever! And, the process of controlling pension costs is just beginning to affect some folks who serve the public sector. For example, under a new 2006 policy, the Department of Energy will restrict reimbursements for defined contribution plan benefits provided to existing employees and will no longer cover the cost of defined benefit pensions for its contractors' new employees.

How many age discrimination claims did the EEOC receive in 2005?.
16,585. The EEOC collected $78 million in settlements (the most since 1992). I do not know how many folks received “right to sue” letters from the EEOC and who, therefore, settled independently. It is very safe to assume that this confidential number is many, many times higher.

According to a recent Merrill Lynch Retirement Study, the most popular jobs in retirement are (in descending order): Consultants, Teachers, Customer Greeters, Tour Guides, Retail Sales Clerks, Bookkeepers or Auditing Clerks, Home Handypersons, B&B Owners or Managers, Security Screeners and Real Estate Agents.

Please gather information from various sources and tell us the top 3 keys to mature workforce retention.
Based on extensive research by SHRM, AARP, MetLife and other sources, I would say:

1. Employee development
2. Flexible work schedules
3. Phased Retirement

Can you suggest an interesting website for Boomer women? Certainly. Here’s a site I have been investigating – www.boomerwomenspeak.com.

In your opinion what is the most serious problem the American economy faces with regards to our aging population?
Because of longer lifetimes, serious debt, poor savings practices, the most serious problem is the sheer number of people who will grow poor before they grow old. We must find ways to utilize the talent of these mature Americans and help them meet their financial obligations and reduce the burden on their children and society. In a nutshell, we need organizations to help people to continue to work beyond their mid-sixties. And, mature American workers need to assume responsibility for good planning and continued updating of skills and education in order to remain competitive while working longer.

One last question - who is the S-AGE?
Thank you for asking. It may not be who you think it is!

Remember – no matter what age you are today, the future is still ahead of you!