The High Cost of Baby Boomers | Future of Work Town Hall
Baby boomers are facing a big decision: should they stay in the workforce, and can they afford to leave? Can Michigan afford to lose them? According to data from the U.S. Bureau of Labor Statistics, the percentage of civilian workers aged 65-74 participating in the U.S. labor force is expected to take a sharp rise in the next decade, meaning more baby boomers are expected to stave off retirement and stay in their positions longer.
In Michigan, the numbers bear a striking resemblance to what’s being seen and projected in the next decade nationwide. What impact could increased and elongated participation in the U.S. workforce from baby boomers have on Michigan’s economy? And how about for the generations of workers coming after them, expected to fill their shoes?
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One Detroit producer and Future of Work host Will Glover talks with Detroit Free Press Personal Finance Columnist Susan Tompor about the challenges baby boomers face in today’s workforce and the impact the generation has on Michigan’s economy.
They discuss the challenges baby boomers face with federal social safety nets, whether baby boomers in Michigan still need to rely on earned income to support themselves, the knowledge gaps baby boomers may leave behind when they decide to retire, and how younger generations may be affected by baby boomers’ extended stay at work.
This town hall continues One Detroit’s cumulative, ongoing conversation involving the future of work and workforce development in Michigan.
Future of Work Town Hall Participants:
Future of Work Panelist | Susan Tompor, Detroit Free Press Personal Finance Columnist
As the personal finance columnist for the Detroit Free Press, Susan Tompor focuses on consumer watchdog issues and economic upheaval, including how the pandemic has hit pocketbooks.
Awards include Best General Column 2020 from the Detroit Society of Professional Journalists and a Gerald Loeb Award 2015 for personal finance coverage, well as a 2008 Gerald Loeb honorable mention as part of the Free Press team covering autos.
Tompor has also written extensively on everything from the massive financial meltdown in the Great Recession to Detroit’s historic bankruptcy filing, which involved cutting the pensions of city workers. She loves tips on taxes, scams, and financial chaos. She’s happy to be married, a mom and a corgi’s companion.
Future of Work Host: Will Glover, One Detroit Producer
For Detroit Public TV’s Future of Work initiative, One Detroit news and current events producer Will Glover leads conversations with business, economic, education, human resources, and policy experts to dive deep into Michigan’s workplace, workforce and the work itself to understand how we could create, retain and attract the talent needed to innovate and make Michigan a competitive top ten state across multiple industries.
Glover studied film at Eastern Michigan University and received his Associate Degree in Digital Video Production & Documentary Film from Washtenaw Community College. Whether it’s underwriting voice-overs or producing stories for One Detroit, you’ll hear his voice throughout Detroit Public TV programming. Glover’s focus is on his craft: finding the stories and voices that capture the truth.
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