Retirement is no longer about spending time in the sun, or playing chess with friends in the park. According to a survey of Americans 50 and over, only one-third plan to retire before 65. One-fourth (24%) of survey respondents didn’t know when or if they would retire.

The 60-year old boomer generation is the fastest-growing section of the American population. Boomers will live longer, be healthier, and live longer than any other generation. Boomers may not be able to retire because of their inability to save, higher living costs, and increased medical costs.

Others want to be involved in their communities. AARP surveyed 1,500 workers between the ages of 45 and 74 in 2002. Eighty-four% of respondents said that they would work even if their financial security was sufficient to last their lives.

However, an older workforce does not automatically mean a lower workforce. Research shows that older workers can be just as skilled as younger ones. The best jobs for the elderly boomers include knowledge-based or service-based jobs. They have a lot of experience.

However, the work world changes and adults need to continue learning in order stay competitive. Many companies now offer Lifelong Learning Accounts, which allow employees to fund additional education. LiLAs are similar to 401ks. Employees contribute money from their paychecks, and the employer matches that contribution. Instead of saving that money for retirement savings, workers can use their LiLA accounts for training and education.

IBM already provides a similar system. “learning accounts.”The Council for Adult and Experiential Learning piloted LiLA programs for adults in Chicago, San Francisco and northeast Indiana. There are new programs being launched at various locations across the country. In partnership with the Jewish Vocational Service in San Francisco, a new program is being launched that targets mature workers in order to expand their career options. “retirement”Years.

For many years, the Boomer Generation can increase American employment through higher education. Congress is looking at national legislation that would give tax credits to employees and employers who contribute to LiLAs.

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