Americans Delay Retirement - Essay Example

“Americans Delay Retirement” The recent economic crash has affected the preferences of American workforce in general while the workforce at its retiring age in particular. The crises of real estate business and stock market crash are main reasons behind the situation. Most of the aging Americans are delaying their retirement plans in because of the negative repercussions of the situation on their wealth. The demographics of the workforce have been changed dramatically. It can be inferred that the workforce of the United States is aging.

Experienced employees are delaying their retirement as a result of which positions are not vacant for young professionals.Most of the senior employees were of the opinion that they will sell their houses so that they can get the decent amount in order to manage their life style after retirement. However because of the economic crises the prices of real estate went down which badly affect the projected savings of aging American workforce. Youth of America is going to face serious crash in the job market since there will be very few jobs for thousands of graduates.

The economic bubble seems to burst now. Research conducted by the investment company also suggests that senior employees are working longer so that they can recover some of their wealth which was lost at the hands stock market speculations. Besides the economic reason behind the delay of retirement there are some social problems as well. Most of the people think that the benefits which they are getting during the service will no longer be available after retirement. Therefore senior employees are trying their level best in order to get maximum benefits possible.

Scarce health benefits are also one of the major concerns behind the delay of retirement by the senior employees of the workforce (Levtez). The dot –com crash also suggested that employees should delay the retirement plans so that they earn and save the lost wealth. Most of the financial experts are of the opinion that lax lending and legislations for dragging down the prices of real estate is also responsible for improper economic scenario. Bush administration is also considered as a responsible government behind the deteriorating picture of the economy.

The situation is enforcing the workforce to search for other part time jobs as well. For example some nurses sell flowers to earn a decent part time income (Hogler, and Hunt). In order to improve the situation economists should try to bring forward such programs in which workforce should be rewarded for their competency. Public private partnerships can also improve the economic conditions of the USA. When employees will be rewarded based on what he or she contributes toward the profitability of the organization then economic situation of the country will eventually improve.

Aging workforce should try to groom themselves professionally so that they can earn more. This will certainly reduce the organization’s as well as government’s expenditure on social security plans. The saved amount of social security plans will be available for the introduction of economic plans in the organizations. Removal of traditional pension plans can also reduce the burden of the organization but employees should be compensated for taking such a useful benefit from them (Mitchell, and Moore).

Works CitedLevtez, Jennifer. Americans delay retirement as housing, stocks swoon. N.p.: n.p., 2008. 1-5. Print.Hogler, Raymond, and Howard Hunt. "A Right to Retirement Security in the United States? How Public Policy Fails American Workers." Labor Law Journal 61.4 (2010): 171+. Questia. Web. 12 Nov. 2011. Mitchell, Olivia S., and James F. Moore. "Can Americans Afford to Retire? New Evidence on Retirement Saving Adequacy." Journal of Risk and Insurance 65.3 (1998): 371+. Questia. Web. 12 Nov. 2011.