Article: Health is Vital to Wealth | Mercer

Benefits Quarterly: Health is Vital to Wealth

 

The Aging Workforce and Its Impact on Savings

It’s no secret that populations in many countries around the world are graying, especially as they experience lower birth rates and longer lifespans. Since 1980, the number of people over age 60 has more than doubled and is expected to double again by 2050 to nearly 2.1 billion. (That’s one in five persons.)1,2

Globally, this longevity, coupled with the recent extended period of low interest rates and rising medical costs, is fueling concerns that retirement savings may not be enough to support people throughout their longer lifetimes.

Article at a Glance

This article expands on these four perspectives:

  1. As the number of people who plan to work past the traditional retirement age grows, employers may find that preparing aging workers to stay on the job longer, in part by improving their health, will benefit both employees and employers.

  2. Current and future retirees identify their health and health issues as top concerns before and after retirement.

  3. Aging workers often bring important experience to the workplace that can’t be easily replicated in younger workers. Older workers also receive high marks for being loyal, engaged, and adept at problem solving, as well as for their abilities as strong mentors and teachers.

  4. Employers can help keep older employees healthy and engaged through measures such as offering technology-enabled health programs, creating work environments that fit older workers’ needs, and resilience programs.

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Originally published in the Q4 2019 edition of “Benefits Quarterly”

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1 United Nations. World Population Ageing (2017): www.un.org/en/development/desa/population/publications/pdf/ageing/WPA2017_Highlights.pdf
2 World Health Organization. Ageing and Health (February 2018): www.who.int/news-room/fact-sheets/detail/ageing-and-health