Torres-Gil Urges a New Outlook on Retirement
Fernando Torres-Gil, professor of social welfare and public policy, co-wrote an opinion piece for the Abilene Reporter News advising people to consider the future impact of a growing population of retired Americans. As life spans have increased, retirement from work has become more common. Yet a robust labor force is needed to ensure that the U.S. Social Security program remains solvent, particularly given data about the kind of care that older Americans will require. “More than 9 million Americans across the nation will need dementia care by 2030, and nearly 12 million by 2040,” wrote Torres-Gil and co-author Jacqueline L. Angel. To combat the financial stressors that this growing population demographic places on government, some lawmakers are proposing increasing the retirement age to 70 or increasing the eligibility age for access to Medicare. This would create hardship for many, Torres-Gil said, stressing the importance of a sustainable safety net to provide stability for those in their later years of life.
The author suggests that the retirement planning industry is behind the times and should take a new approach to retirement. He cites three specific areas where he believes the industry is failing: 1) not adequately preparing people for retirement, 2) not taking into account changes in life expectancy, and 3) not providing adequate income in retirement. I agree that the retirement planning industry could do a better job in all three of these areas. In particular, I think the industry should do a better job of preparing people for retirement by providing more education and tools to help people plan for retirement. I also think the industry should take into account changes in life expectancy when designing retirement plans, and should provide more options for people to generate income in retirement.