What Is the Way Forward?

Abstract

AbstractAbstract: While aging populations are inevitable in most countries around the world, policy responses to these aging populations are a matter of choice. Our central argument is that policies affecting work – those that shape labor markets for workers of all ages – must be considered in tandem with policies affecting retirement. Rising inequalities make it much harder to respond effectively to population aging. For U.S. policy design, large gaps in economic and social conditions – gaps defined by socioeconomic status, race/ethnicity, gender, family configuration, geography, and more – mean that one size will not fit all when it comes to work and retirement. We offer five main conclusions. (1) Working longer is an important but incomplete response to population aging. (2) High and rising social and economic inequalities put working longer in jeopardy for many Americans. (3) Robust retirement and disability policies are essential complements to working-longer policies. (4) Working-longer policies must be supported by “good jobs” policies to succeed. (5) Responses to population aging must take into account the needs of today’s middle-aged Americans, who are the retirees of the future, as well as today’s older Americans. In this closing chapter, we propose an array of policies to improve the well-being of older Americans as they work and retire.