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EXPERIENCE WAVE: Traditional retirement has been retired

Posted 11/16/2007 - 1:00pm

Our friends at Experience Wave, an effort to advance federal and state policies that make it easier for mid-life and older adults to stay engaged in work and community life, have released a survey that shows a majority (53%) of older adults see the coming wave of retiring baby boomers as an asset to society, “because it is creating a pool of skilled people with more free time to dedicate to their communities.”

Only 35% said the aging boomers will be a “major burden on society because they will put a severe strain on programs like Social Security and Medicare.”

But the general optimism is not matched by confidence that such an opportunity will be realized without a new set of social supports and institutions. By a 76%-16% margin, the respondents said society should “invest in resources to guarantee older Americans’ opportunities to continue working, learning and volunteering because they have much to offer due to their years of experience.”

Of those surveyed who are still working, fewer than one-third expected to retire before age 65. Of those who do plan to “retire,” 14% plan to get training or learn a new skill in order to launch a different careers. Another 59% expect to volunteer for a nonprofit or community organization. Only 20% said they planned to not work or volunteer at all.

“From where I stand, the wheels of American politics are slowly turning in our direction,” said Harris Wofford, the former senator from Pennsylvania who is a spokesperson for Experience Wave and a board member of Civic Ventures.

The pollsters, Penn, Schoen & Berland Associates, tested a variety of policy options, including partnerships with community organizations to increase available opportunities, early buy-in to Medicare and extended COBRA coverage to ease health insurance concerns, and fellowships, stipends and tax credits to encourage work and volunteerism. Read the full report.