Boomers Not Ready to Retire

Source: AARP.org |  | May 21, 2007

What's the issue?

In 2006, the first Baby Boomers turned 60—a demographic fact that is changing how employers in Florida and throughout the nation think about their workforce. Between 2001 and 2010, the part of Florida's population age 60 to 64 is expected to increase 58 percent while the population ages 35 to 39 drops 3.7 percent, according to the Florida Legislature's Economic and Demographic Research Unit.

• Rising competition for skilled, qualified workers
• Loss of critical knowledge assets
• Rising labor and training costs

These critical issues were not on Florida business's radar as of late 2005, according to a survey sponsored by AARP and Florida Trend. Surveying about 800 business people across Florida, the study indicated that Florida business leaders were not yet focused on the need to retain and recruit older workers. Paradoxically, it revealed that more than two-thirds of Boomers planned to remain in the workforce past the traditional retirement ages of 62 to 65, partly because they enjoyed working but also because they needed the income.

By late 2006, fewer than half of Florida business people had begun to take steps to prepare for the demographic shift, according to a landmark study, "Planning for Tomorrow's Talent Needs in Today's Competitive Environment: The Business Case for Workers Age 50+," conducted for AARP by human resources consulting firm Towers Perrin. The study showed that retiring Boomers will be among companies' most experienced managers, supervisors, and key employees, who represent enormous knowledge assets for businesses.

What is AARP Florida doing about it?

AARP Florida is committed to increasing awareness about the importance of the 50+ worker to Florida's economic future and to the long-term financial security of Floridians by providing education and information on employment and financial security, and by partnering with state organizations to facilitate job access. More Florida companies were among AARP's 2006 Best Employers for Workers Over 50 than from any other state.

• Phased retirement
• Flex time
• Compressed work schedules
• Job sharing
• Telecommuting

The AARP Foundation Senior Community Service Employment Program (SCSEP) trains and places 55+ low income seniors in community jobs. The program finds employment for about 1,246 low income seniors. There are fifteen main sites in the state, with each main office having an average of two satellite offices, and there are between 1,000 and 1,500 host agencies in the state at any given time.

AARP Florida routinely works with other organizations that are determined to increase the number of jobs available for older workers. AARP's National Employer Team is a group of employers who join AARP by making a commitment to hire older workers. Examples include Pitney Bowes, Met Life, Avis/Budget, New York Life, and Walgreens. AARP Florida co-sponsors job fairs with National Employers and Best Employers throughout the state. The high recruitment rate at these fairs has yielded positive feedback from employers and attracted other employers in Florida to the prospect of hiring workers 50+.

AARP Florida also maintains an extensive inventory of publications on workers 50+ research and information and provides copies free of charge.

• age discrimination
• what employers need to know
• phased retirement and flexible retirement arrangements
• age equity in employment checklist for employers
• resource guides for employers

The Towers Perrin report, "Planning for Tomorrow's Talent Needs in Today's Competitive Environment: The Business Case for Workers Age 50+," is also available.

For more information or to request a copy of AARP publications on workers 50+, please send an email.

Be sure to visit Florida's online employment marketplace.

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