Significant numbers of older Americans move in and out of the workforce. One in five workers today is 55 or older. By 2024, that number will be one in four. Older workers report having more meaningful work and more workplace flexibility than their younger peers.
California leads the nation in pension underfunding. The state government has $464.4 billion in unfunded liabilities — the difference between resources that will be available in the state's pension fund and what will be owed to retiring employees.
Saving early for retirement is critical, but it's also important to stay on track during job changes. Younger workers tend to change jobs often, and if they cash out of their plans with each position, that can affect their long-term savings.
With a 36 percent chance of becoming disabled at least once before reaching age 50, it is imperative that workers know their rights under the Americans with Disabilities Act (ADA) and the resources available to help them.
When people live longer, the costs of Social Security and Medicare increase and threaten the sustainability of these programs. Households also worry about how to finance more retirement years. But people are working longer, and if they continue to do so, they will reduce some of the problems.
While there are many policy options that may decrease pension liabilities for Chicago and cities and states in similar situations, some options being considered may also have serious consequences for the public sector workforce, now and in the future.
The combined effects of having potentially employable individuals receive SSDI benefits, and the loss of skills among those who are denied benefits, are significant, write Nicole Maestas and Kathleen Mullen.
Though work at older ages can benefit both the economy and retirees themselves, public policy does not always facilitate it. The retirement earning test in the early years of Social Security eligibility, for example, is perceived as a disincentive to work, writes Nicole Maestas.