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• W22586864 abstract "Opportunity: Promote 'encore' jobs. The Great Recession is over, the chairman of [the Federal Reserve and other officials have Tared. It might not feel that way to the 10 percent of Americans who are officially unemployed, including the more than two million out-of-work Americans over age 55 whose ranks have more than doubled in two years. If it's back to business as usual for bankers and traders, it's anything but for those at or near what used to be called retirement age. Nearly two-thirds of those ages 50 to 61 expect to delay their retirement because of the recession, according to a recent study by the Pew Research Center (Taylor et al., 2009). Nearly four of every ten adults who are still working at age 62 have already delayed their retirement plans. The loss of nearly $3 trillion in ment assets since September 2007 has turned what once was hotly debated into conventional wisdom: Most Americans, of all income brackets, will work longer, not only longer than their own earlier expectations, but longer than recent generations have worked. For many, working longer will mean not just a few more years on the job, but a whole new stage of work in later life. And for many of them, that stage could be long enough to provide a chance to change their priorities, live their values, fulfill their dreams, or leave their legacy; that is, to establish that combine financial security with personal meaning and social impact. With jobs of any sort scarce for older workers, it may seem paradoxical to predict that this downturn will establish encore careers as the new norm for the period between the end of our midlife careers and the advent of true old age. And it sounds downright Pollyannaish to suggest that older adults could play a key role in the response to national challenges, in education, healthcare, environmental sustainability, and other urgent areas. The only thing more outlandish would be to expect the revival of the late-twentieth-century-model of ever-earlier retirement spent entirely in the pursuit of leisure. Indeed, the economic crisis has accelerated the emergence of the encore career by driving a stake into the heart of the old vision of the Golden Years. Traditional retirement- which itself was invented only in the 1940s and 1950s-was in decline well before the current meltdown. Secure pensions have been replaced by inadequate 401(k) and IRA savings. Retiree health insurance coverage has faded while out-of-pocket healthcare costs have soared. Even without additional benefit cuts, Social Security is set to replace an ever-smaller percentage of preretirement income. The Pew survey found that financial worries spanned the economic spectrum, with 69 percent of those with family incomes under $30,000 and 76 percent of those with incomes of more than $100,000 saying the recession is making it harder to take care of their retirement finance needs. All that has produced a near-consensus that longer working lives are the most practical way to restore a semblance of personal financial security, and perhaps save the federal treasury as well. As Alicia Munnell and her colleagues at the Center for Retirement Research at Boston College point out, working even two to four additional years increases current income, boosts both 401(k) balances and Social Security benefits, and reduces the number of years to be covered by retirement savings, all of which can dramatically increase standards of living (Munnell and Sass, 2008). But there is little consensus among policy makers and experts about how to restructure institutions to encourage such a result. For individuals, the urgency of finding a job, restoring lost income, or salvaging life savings often means short-term crisis management trumps long-term personal planning and priorities. Claims for Social Security benefits at the early retirement age of 62, for example, have been surging, a reflection of the immediate financial pressure facing millions of older adults. …" @default.
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• W22586864 date "2009-10-01" @default.
• W22586864 modified "2023-09-24" @default.
• W22586864 title "Encore Careers and the Economic Crisis" @default.
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