Aging society a threat and an opportunity
[21 January 2004 - Toronto Star - From Davos, Switzerland] The prospect of an aging society over the next 20 years, as Baby Boomers exit the workplace and enter retirement, raises some legitimate concerns. If each person in the workforce has to support the pension, health and other needs of a growing number of older Canadians no longer working, does that mean an end to rising living standards and perhaps even a decline? According to a new report from the Pension Readiness Committee of the World Economic Forum, while Canada's public pension system is better funded than many other countries � in large part because the Canada Pension Plan is now partially pre-funded �we could still end up with a situation where the number of workers supporting each retiree falls from 3.7 now to 2 by 2030 with big costs for those still working. The report � Living Happily Ever After: The Economic Implications of Aging Societies � is not pessimistic, provided countries begin acting now to address the needs of an aging society. ...

Respect Your Elders: Looking for smart, reliable employees? The over-65 set is a good place to start
[September 2003 - Inc. magazine] With some hefty new contracts to provide spare parts to the U.S. government in place, CPI Aerostructures was in need of skilled mechanics. But when CEO Edward J. Fred placed an ad in the local paper, he noticed something unusual: In addition to the usual crop of eager, inexperienced youngsters looking to start their careers, the $24 million Edgewood, N.Y., manufacturer was flooded with inquiries from retired mechanics, many of them well past the age of 65. "These were people who had spent their entire lives making planes," Fred says. "And some wanted to work just three or four days a week." ... With a soft economy that has depleted retirement funds and with people living longer, healthier lives, more Americans are opting to remain in the work force long past retirement age. And as Fred recently learned, that represents an unusual opportunity for business owners looking for experienced, reliable employees. In fact, pretty soon hiring older workers will be less of an option and more of a necessity. Between 2000 and 2010, the number of Americans between the ages of 55 and 64 will jump 47.2%, compared with a scant 2.8% increase among those aged 25 to 34, according to the Bureau of Labor Statistics. And those 35- to 45-year-olds who probably account for the bulk of your top management talent? Their numbers will actually drop 13.7%. Factor in the looming insolvency of Social Security and Medicare, not to mention less-than-robust 401(k) plans, and the bottom line is clear: The U.S. work force is getting a lot grayer. ...