Fox News
Expand
Browse All Video
Watch Live

You're watching...

More Americans delaying retirement, working longer

Details

  • Description

    The workforce is getting grayer, so is the economy really improving?

  • Duration 2:56
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

NN heroes -- this week's grim economic news about the -- GDP in the last quarter of 2012 and the tick up in our nation's unemployment rate to Karl I just discussed.

A new report that a growing number of Americans plan to delay retirement.

The Wall Street -- reporting that nearly two thirds of workers between the ages of 45 and sixty now say they will work longer so what is driving that decision.

The Wall Street Journal's Laura Webber joins us learn how what is driving that decision what's -- to be the -- impact and the rest of us.

Well -- it's mainly because Americans are feeling very insecure about their finances right now.

And it's not just about the future it's also about the recent period we've been through many people spent down their savings.

And last few years as a result of job losses are declining values in their homes -- they couldn't refinance.

And now people are looking ahead to their retirements and realizing that they're gonna have to work longer in order to -- insurance a certain amount of financial security.

I suppose of those people work longer so they're not leaving the workplace that means to young people are looking for a job they're not gonna find those are typical holes are places where they might as people serve.

You know as people leave.

Jobs open up.

Well it's a difficult dynamic and this is a controversial topic.

Among economists that thing is.

When you have strong job growth that shouldn't matter if you look at World War II when a lot of women entered the workforce.

There's concern that male unemployment would rise but it didn't because the economy was growing so fast and -- we don't have that situation right now so.

There is a certain amount of blockage at the in the jobs pipeline for younger people.

It means that you know somebody -- 65 dozen retired means the 45 year old doesn't get the promotion and that does trickle down to younger workers.

Is there -- -- bright side.

To this news that the fact that people are staying in the workplace -- -- went a look at it that is in an advantage to us there are a couple things that are positives -- -- for one thing it's not entirely about finances.

-- -- report that it's all about -- why they're.

Deciding to delay retirement.

Partly because we're living longer and we're healthier so people want to work longer and be productive longer and then for certain industries that are facing potentially.

-- skills shortages down the road -- utilities power companies some finance and accounting companies where you have a real concentration of older workers.

Those kinds of companies are probably very happy about this news because they need those skills you know retained within the company.

Disconnecting people can predict what kind of skills were going to need so you think it would be Smart enough to sort of focus on the younger people coming -- to attack occurs and they go to those fields where the need is going to be -- is -- that flow of information from the skills needed at the at the -- and to people or Andrew who are trying decide what to do.

There is and there's any of college counseling and things like that telling people to go in to sciences but you can't always tell a twenty year -- -- -- chemistry.

I guess deal then -- and I don't think any of any parent was happy and unfortunately came Palestinian majored in art history right right at satellite jabs there.

-- -- Thank you -- much thanks.

Load More