In the News
Americans Rip Up Retirement Plans | The Wall Street Journal
The American workplace is about to get grayer.
Nearly two-thirds of Americans between the ages of 45 and 60 say they plan to delay retirement, according to a report to be released Friday by the Conference Board. That was a steep jump from just two years earlier, when the group found that 42% of respondents expected to put off retirement.
The uptick may be good news for some industries—notably utilities and power companies—that face disruptive skills shortages when older workers retire.
However, senior employees can be expensive for companies, both in salary and health-care costs.
In addition, amid anemic economic growth, these workers may block the pipeline for younger employees trying to advance their careers.
In the long run, that concern is misplaced, said Kevin Cahill, an economist at the Sloan Center on Aging and Work at Boston College.
"Keeping older Americans in the work force is a good thing," he said. "Those workers have more financial security, employers have a larger labor pool to draw from, and we have more people to produce goods and services. There may be bumps like the recent contraction in the labor market, but we need to look beyond the short term."
Read the full article at online.wsj.com