Confero Fall 2014: Issue 8 | Page 23

AGING AND AMERICA

reform should expand retirement

by limited physical demands, flexible

Such programs can lengthen work-

plan coverage across the workforce,

schedules, opportunities for social

lives and ease the transition into

maintain or expand tax incentives

interaction and relatively high levels

retirement by allowing older

for retirement savings and plan

of job satisfaction. In the service

employees to work part-time for

sponsorship, and promote financial

sector, an increased demand for older

pro-rata salary.Beginning in 2014,

education efforts. In the absence

workers has been associated with

some 100,000 federal employees are

of federal action, various states

increased wages, a decreased outflow

projected to take phased retirement

are proceeding with initiatives to

of older workers, and an increased

each year, resulting in a $450 million

promote retirement income security

inflow of older workers from other

reduction in annual payroll costs.

for the public sector workforce,

sectors and out of retirement.

At least 20% of the phased work

and private-sector workers as well.
WORKING LONGER
1. Data indicate that labor force
participation is already increasing
among older workers. But workers
with lower education levels remain
less likely to continue working due
to a combination of health issues and
jobs that tend to be more physically
demanding.
2. Many workers change jobs after age
50; this may or may not involve a
change in occupation. While the
new jobs often pay less, they tend
to involve less physical labor and
less managerial responsibility.
Many job changers report increased
enjoyment in their work.

4. Research indicates increased labor
force participation among older

time will be devoted to mentoring
younger workers.

workers after the passage of state

To view the full report visit: www.

and federal protections against age

tiaa-crefinstitute.org/public/pdf/ti_

discrimination in employment.

agingandamerica0514c.pdf n

It further indicates that antidiscrimination laws complement
the effect of Social Security reforms
intended to increase work lives and
delay benefit claiming.

TIAA-CREF Institute is a division of Teachers Insurance
and Annuity Association (TIAA), New York, NY.
© 2014 Teachers Insurance and Annuity Association
of America-College Retirement Equities Fund (TIAACREF), 730 Third Avenue, New York, NY 10017.

5. Strategies to reengineer the workplace
for an aging population include
flexible work schedules to help
individuals balance work with
family caregiving responsibilities;
continuing education to address
changing technology and knowledge
requirements; and reorganization
of how and where people work to

3. While there is limited research to

new social contract between young

older workers, existing research

2 The colloquium was sponsored by a generous grant to the
TIAA-CREF Institute from the Alfred P. Sloan Foundation.
Colloquium presentations are available at: https://www.
tiaa-crefinstitute.org/public/institute/convenings/upcomingpast-convenings/jointcolloquium2013.

promote knowledge transfer and a

date of labor market demand for

1 National Research Council. (2012). Aging and the
Macroeconomy. Long-Term Implications of an Older
Population. Committee on the Long-Run Macroeconomic
Effects of the Aging U.S. Population. Board on Mathematical
Sciences and their Applications, Division on Engineering and
Physical Sciences, and Committee on Population, Division of
Behavioral and Social Sciences and Education. Washington,
D.C.: The National Academies Press. The report is available
at: http://www.nap.edu/openbook.php?record_id=13465.

and old employees.

indicates significant growth in older
worker employment in the service
sector, where jobs are characterized

6. The federal government has become a
leader in the use of phased retirement.

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