Friday, November 22nd, 2019
Stephan: Beginning with WWII and continuing for almost 50 years after that America created its legendary middle class. In my opinion, four things made that happen: GI education bill, GI home loan program, the unionization the American workforce; the development of retirement programs. Then Neoliberalism became the nation's dominant economy policy, and all four of those wellbeing fostering programs were gutted.
And this is what has happened.
The number of Americans in the workforce who are over 64 years old has tripled over the past 30 years.
Why it matters: Delayed retirement is a sign of health and affluence for some and a continued life of hardship for others. As society ages and people live longer, a 21st century idea of retirement is needed, Steve Vernon of the Stanford Center on Longevity tells Axios.
The big picture: Americans are working longer — out of choice or necessity. And the trend has broad implications for people of all ages, from younger workers mapping out their futures to older people planning their legacies.
- 43% of Americans ages 45 years and older say they expect to outlive their savings, according to an Axios/SurveyMonkey poll.
- 31% of Americans ages 40-79 said they would continue working into retirement age even without a financial need, according to a recent Harris Poll for TD Ameritrade.
“[T]here is more and more incentive to work longer, because the more you work the more you’re going to contribute to the [retirement] plan and the […]
