#retirement #LIvingLonger #RetireLater #optimism #technology
The U.S., as with most countries around the world, is aging.
Some have suggested, to take the stress off Social Security and Medicare, that the retirement age should be raised.
It sounds like a simple solution, but here’s the rub: most employers don’t want a lot of their workers to be older.
In fact, a lot of workers are being forced out of their jobs as relatively senior employees, but well before they are able to retire.
Many factors are at play.
First, older workers cost more and, in some jobs, are less productive. They cost more in salary, benefits and are statistically sicker than younger workers.
Second, older workers have older skills. Not that those skills aren’t valuable, but often, with technology, are obsolete. That isn’t to say that older workers can’t learn new skills, but they may be less patient with the constant retraining.
Third, artificial intelligence is here. Employers are evaluating how this technology can replace human labor. They may find that they may need fewer people overall, regardless of age, to accomplish tasks.
Fourth, it’s been said that the immigration crackdown will force employers to hire U.S.-born labor, opening the door for older workers to keep working. But, some of those jobs are not suitable for aging workers. They may not be able to keep up with the physical demands, through no fault of their own.
These factors, and others, are preventing a lot of people from working into their elder years.
So, how do we solve the demographic nightmare some see on the horizon?
The answer, as some have suggested, is NOT forcing people to have more children.
Young people today are having enough difficulty carving out independent lives. Often, they remain dependent on their parents to help subsidize them, because of the high cost of living, student loans and other burdens.
If AI makes getting entry-level jobs more difficult, regardless of education, this will compound that problem.
There’s no simple solution(s) here. Lifestyles have had to change out of necessity. One can long for yesteryear, but cannot put toothpaste back in the tube.
It seems things will get worse during the transformation that technological advances will bring.
In the meantime, people will struggle to live as best they can. They may get jobs, they may lose jobs, but, whatever happens to them, cannot lose hope.
One cannot live on hope alone, but one cannot live without hope.
One has to presume that struggles will ensue. But, he or she must muster the strength to overcome those struggles, however long it takes.
We can’t legislate change, but we can legislate common-sense mitigations. What those are may be subject to debate.
As individuals, the best thing we can muster is the optimism that things eventually will change for the better.
Peter