Graying of the Workforce

Much has been made in the press in recent years about the potential impact of an aging population in the U.S. Politicians, columnists, commentators, and pundits have all speculated about the effect of an aging population on Social Security benefits and taxes, the demand for retirement housing, and investment yields and strategies. There has been little comment, however, on the impact of aging on our workforce, especially as it relates to workers’ compensation. Are older workers a liability or an asset? Will our society be burdened by the cost of supporting a large retirement population or will people continue working to much later ages? If they do retire later, will that bring extra costs and burdens to the workers’ compensation system or can any exposures be managed with a reasonable level of workplace customization?