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Americans are “Unretiring”- Braun Releases New Report on Older Workforce

Posted on Thursday, May 18, 2023
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by Outside Contributor
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WASHINGTON—Today, U.S. Senate Special Committee on Aging Ranking Member Mike Braun released a report entitled, “What’s Working for Older Workers,” which examines the challenges that older workers are facing and provides recommendations for Congress and the Administration to support older workers, protect their retirement security and strengthen their workforce participation.

After spending 40 years running a business on Main Street, I understand the crucial role that older Americans represent in our economy. Too many older Americans are suffering in the current economy. My report details the initiatives I have taken in Congress to alleviate challenges for older workers by removing burdensome rules, protecting their retirement savings and implementing effective programs to connect older Americans to good paying jobs, as well as tackling issues like high inflation that forced some older Americans back to work.”—Sen. Mike Braun

Over the last two decades, the share of the workforce aged 55 or older almost doubled. By 2028, over a quarter of the workforce will be aged 55 or older. Inflation has been a factor in forcing retirees back to work. 43 percent of those considering returning to work are doing so because of inflation.

The report identifies that older Americans are increasingly turning to the gig economy to supplement their incomes and savings due to the flexibility it provides. Nearly 1 in 3 independent or “gig” workers are over age 55. 

In October 2022, the Department of Labor (DOL) proposed a rule that would eliminate a bulk of independent jobs. Braun has led the charge in the Senate to challenge this rule. 

In addition, the DOL has finalized a rule that allows fiduciaries to invest based on ESG factors which tend to produce a lower rate of return. Braun introduced a bipartisan and bicameral measure to eliminate this rule which Biden used his first veto on. Last week, Braun introduced a bill that would counter this rule. 

Read the full report here

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MariaRose
MariaRose
1 year ago

Lovely, first they threaten to take away our Social Security benefit payments and now they want to stop us from working to have some income. Are they telling us to hurry up and die because we are still alive and using money they have earmarked to be spent elsewhere? Yeah, fix the laws of employment to better employees’ rights, not employer rights.

Michael T
Michael T
1 year ago

Typical Democrat logic, first they drive down your spending power through inflation then they limit your ability to work your way out of it.

GTPatriot
GTPatriot
1 year ago

Boomers continue to defy logic. Actually, retirement is boring. Why does anyone want to stay
home all day ? Volunteers are people who work for nothing rather than stay home all day.
“Gig” is the new economy driven by 2 factors. 1. Companies believe that “giggers” work for no
benefits and 2. ” giggers” decide what the rules are. The “laptop class” ( as described by Elon Musk) defines the rules. We work at home without driving to your brick and mortar ( consult NYC office demand) , wear pajamas all day, and do what we want when we want. If you don’t like it , fire me.This attitude was created by corporate america in the 1980-2010 period by saying if we can save a buck we will can your butt which taught non-union workers to never trust their employer. Now when companies want workers the companies are told what the rules are. A huge % of the workforce today says “my way or the highway”. They refuse to work unless they get it their way. One other factor in this is that companies still believe that there is competent and cheap labor. There isn’t. Thus companies can now teach illiterate illegals to work cheap.

DanF
DanF
1 year ago

At age 73, I was thinking of retiring until I figured wha I would be getting between SSI and my pension minus the taxes. It would not be enough to even pay the bills I have. So I continue to work, it appears I will probably die working. NO FUN!!!

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