America’s aging population holds the promise of getting back the economy mojo.
Purpose and a Paycheck
Finding Meaning, Money, and Happiness in the Second Half of Life
America’s population is aging. People 65 and older will account for some 20 percent of the population in 2030, up from 13 percent in 2000. Many economic and social prognosticators worry that an aging population will erode the economy’s underlying dynamism with too few young workers supporting too many dependent elderly.
Nonsense! Purpose and a Paycheck debunks this line of dismal thought with a wealth of research. Growing numbers of experienced entrepreneurs and older workers are staying engaged in the economy. For instance, more than a quarter of all new businesses launched in recent years were started by the 55-to-64-year-old age group, up from nearly 15 percent two decades ago. These experienced entrepreneurs are in the vanguard of the unretirement revolution.
The demographics of aging is among the most significant long-term forces shaping the U.S. economy and society, alongside globalization, automation and climate change. America’s aging workforce holds the promise of getting back the economy mojo. The productivity and creativity of experienced workers will result in faster rates of economic growth and higher living standards for all of us in addition to a more fulfilling and financially secure second half of life.