RETHINKING RETIREMENT TAKES CENTER STAGE AT SENATE HEARING
Kohl calls on Major League Baseball's Frank Robinson and others to attest to major demographic shift

WASHINGTON, D.C. - Senator Herb Kohl (D-WI), Ranking Member of the Special Committee on Aging, today led a hearing to examine the trend of older Americans working past retirement age. Frank Robinson, Manager of the Washington Nationals, was the lead witness.

"New data shows that eighty percent of baby boomers expect to work into their retirement years. Today, only thirteen percent of people over sixty-five are in the workforce. This demographic shift will require us all to adjust our perceptions of what retirement means in the 21st Century," said Kohl.

With more Americans retiring and fewer younger workers to replace them, companies face a labor force shortage which may reach 18 million workers by 2020. Some businesses have already begun to recognize the talent of our nation's seniors. Kohl said that laws that make it difficult for them to attract and keep older workers should be reconsidered. For example, pension laws could be re-examined to find ways to encourage "phased retirement" - a gradual transition from full-time work to full retirement. Job assistance and training programs could also be made more widely available to older workers.

Kathlyn Peterson, a Medical and Surgical Transcriptionist with SSM Health Care in Madison, WI, has no immediate plans to retire, "I will be sixty-six in June, and my children often ask me, 'Mom, when are you going to retire?' I don't really know. Maybe in a few years. Maybe not. I'm not in a hurry. I love where I work, I love what I do."

Peterson, who participates in SSM's phased retirement program, works part-time, highlighting the need for schedule flexibility for older workers. "I know that there are other things that I could be doing at my age: I could volunteer, do things at home, act more "retired." But working part-time keeps me active and healthy. And I get to continue working in the job that I love. "

Other witnesses who testified at the hearing included Barbara Bovbjerg, Director for Education, Workforce & Income Security Issues, U.S. Government Accountability Office; Laurie Barr, Assistant Director of Human Resources, Oregon Health & Science University; Douglas Holbrook, Vice President-Secretary/Treasurer, AARP Board of Directors; and Valerie Paganelli, Senior Retirement Consultant, Watson Wyatt Worldwide

"Whatever the reason people decide to stay on the job, it's time to change the way we think about retirement," said Kohl. "A one-size-fits-all approach will no longer match the very different plans that seniors and baby boomers have for their later years."

###