Better for boomers to work longer

MGI data suggests a two-year increase in the median retirement age over the next decade would add almost $13 trillion to real U.S. GDP over the next 30 years and would cut in half (roughly) the number of boomers financial unprepared for retirement.

In order for boomers to overcome barriers to work — including health care costs, labor laws, pension regulations, and corporate attitudes toward older workers — MGI says the solutions will come when the government reallocates health insurance costs; businesses and boomers agree on more flexible work arrangements; policy makers reform private pensions; and Social Security removes disincentives to remaining in the workforce.