GAO Issues Report on Redefining Retirement: Options for Older Americans

The federal Government Accountability Office has issued a report on "Redefining Retirement: Options for Older Americans" that discusses demographic and labor force trends and the economic and fiscal need to increase labor force participation among older workers. According to the report, "with the impending retirement of the baby boom generation, employers face the loss of many experienced workers and possibly skill gaps in certain occupations. This could have adverse effects on productivity and economic growth." In addition, although "some people can benefit by remaining in the labor force at later ages, others may be unable or unwilling to do so. For those who are able, there are many factors that influence their choices," including employer pension and Social Security eligibility rules, health status, the need for health insurance, personal preference, and the employment status of a spouse. "The availability of suitable
employment, including part-time work or flexible work arrangements, may
also affect the retirement and employment choices of older workers."

Source: GAO-05-620T Abstract Government Accountability Office (April 27, 2005)