Prime Time - Jane Fonda [124]
WE VOLUNTEER
Volunteering is another important way older people give. Many deeds by older citizens go unpaid, and we must not underestimate the social and monetary value of volunteerism. Older citizens are active citizens; their efforts as volunteers help uphold communities. They organize and participate in civic organizations, run election polls, mentor young people, support their peers in long-term care and hospice, lead recreation groups, and assist visitors at hospitals, libraries, schools, and museums. They are active in local, state, and federal governing bodies. Older Americans participate in the Peace Corps (with people fifty and over serving as 10 percent of the corps),9 not to mention the many volunteers in the Senior Corps programs. Economists estimate that the tasks performed by volunteers, given the level of education and training that would be required, are valued at $20 per hour.10
WE WORK
Among AARP members, almost half (47 percent) work full- or part-time. The word “retired” does not necessarily mean one has wholly abandoned the workplace. It is estimated that about one-third of men and almost one-fourth of women between sixty-five and sixty-nine are in the labor force today. Furthermore, the rates of employment among older individuals have been rising. AARP projects that roughly one in three workers will be fifty or older within a matter of years.11
Employers frequently fail to recognize the valuable attributes of older workers. The abilities of older people are often underestimated, but they should not be. The depth of our expertise and the breadth of our knowledge base make us critical resources for our communities, families, and places of business. For instance, one’s fund of knowledge and depth of expertise can serve as a cognitive strength well into old age. Similarly, our judgments and decision making in real-world contexts are often sound, having been tempered by experience. After all I have read and heard, I am convinced that whatever small declines come with age, they do not outweigh the strengths tied to our reasoned approach to problem solving and our depth of expertise.
Older people help others maintain their work-life balance. Family caretaking is often provided by older people in the form of care for grandparents, siblings, and peers. Caretaking duties have a direct impact on the well-being of families as well as on the economy. By providing child care and elder care, older people allow other family members to reduce their absenteeism and maintain their productivity in the workplace. Our collective efforts as caretakers represent the equivalent of millions of full-time workers serving the young, old, and infirm.
Problems Persist
POVERTY
Older people remain at high risk for poverty. For 30 percent of retirees, Social Security is 90 percent of their income, and 7.1 million individuals over sixty-five live in poverty. The current unemployment rate for “mature” workers is at an all-time high of 6.7 percent. In 2007, the average income among individuals sixty-five and over was $28,449; but the median income was only $17,382.12 Without Social Security, almost half of all older Americans would be in poverty. Social Security is the most important source of retirement income for the majority of Americans.
SOCIAL SECURITY
The 2008 Social Security Trustees report projected that without any change in current law, the assets of the Social Security trust fund will remain solvent, but not for very long. The disability trust fund, one part of the Social Security umbrella, is projected to remain solvent over the next ten years. The combined fund for retirees and survivors insurance (OASDI trust fund) is expected to remain solvent until 2041. Similarly, the Congressional Budget Office has estimated that Social Security will have sufficient funds to continue paying full benefits on time through 2048.13
Many different solutions have been proposed to keep Social Security solvent for future generations. Experts