Older adults will stay in employment longer, reducing turnover. Continuing to work as long as there are opportunities for growth, challenge, and enjoyment benefits both employees and employers.
The average age of the workforce will increase, necessitating more age-friendly policies like flexible hours and ergonomic adaptations. This could blend experience with new ideas effectively.
Employers will need to invest in ongoing professional development and lifelong learning programs to keep older employees' skills up-to-date, ensuring career growth into later life.
Individuals will need to adjust their retirement savings plans. Raising the retirement age to 70 could reduce scheduled benefits by nearly 20 percent, necessitating better financial planning.
Raising the retirement age could stabilize the Social Security trust fund by delaying payouts and extending contribution periods. This would encourage more Americans to delay claiming benefits.
With more adults in the workforce, there may be increased spending on health, leisure, and wellness. Businesses might adapt their marketing strategies, and there may be less demand for retirement housing.
Extending working life may increase life satisfaction due to a sense of purpose but could also lead to stress and health issues. Social dynamics may shift, affecting grandparents' ability to provide childcare.
Changes in laws to protect the aging workforce from age discrimination will be necessary. Updates to pension plans, retirement benefits, and policies across public and private sectors will be required.
If older workers are commuting for longer periods, public transportation systems will need improvements focused on accessibility and comfort.