Working Longer Solves (almo most) Everything The correlation between - - PowerPoint PPT Presentation

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Working Longer Solves (almo most) Everything The correlation between - - PowerPoint PPT Presentation

2020 Pension Research Council Symposium: Public/Private Partnerships for Longevity Risk Management Presented by: Tim Driver Amanda Henshon Working Longer Solves (almo most) Everything The correlation between employment, social engagement and


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2020 Pension Research Council Symposium: Public/Private Partnerships for Longevity Risk Management Presented by: Tim Driver Amanda Henshon

Working Longer Solves (almo most) Everything The correlation between employment, social engagement and longevity

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Employment Social Engagement Longevity

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  • Lower turnover rate and increased workforce flexibility
  • Improved customer satisfaction
  • Augment diversity programs
  • More experienced

The Business Case For Older Workers

2020 PRC SYMPOSIUM

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  • Fallacy of displacing younger workers
  • Misperception that wages of older workers are significantly more costly
  • Retirement cost differential diminishing with shift from defined benefit

to defined contribution plans

  • Healthcare continues to be more costly to employers for older workers

when compared to younger workers, though differential is shrinking Do Strengths of Older Workers Offset Possible Increased Costs?

2020 PRC SYMPOSIUM

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  • Small employers are permitted to establish Medicare supplement plans in

addition to standard employee healthcare plan

  • Employees age 65+ may file for Medicare parts A & B
  • Financial benefit to employees (lower deductibles, copayments,

premiums) may incentivize employees

  • Employers benefit from significantly lower cost of Medicare supplement

plans when compared to all-inclusive health insurance An Exception Exists: The cost to small employers for providing healthcare to older workers can be less than the cost of healthcare for employees under age 65

2020 PRC SYMPOSIUM

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  • Increased GDP
  • Provides both skilled and less-skilled labor in tight labor markets
  • Reduces cost and burden of caring for older adults
  • Shores up Social Security as workers continue to make contributions

through payroll taxes Societal Health Case for People Working Longer

2020 PRC SYMPOSIUM

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Employment among older people may lead to as much as four times as much social interaction Benefits to Older Workers

2020 PRC SYMPOSIUM

How many different people do you speak to in-person on an average weekday? Not currently employed Employed Source: RetirementJobs.com and Age Friendly Foundation. Based upon 1,438 Survey Respondents (2020)

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Employment Social Engagement Longevity

Working Longer Solves (almo most) Everything