PA baby boomers likely to postpone retirement to pay for health care

by Jen Rehill
Public Radio Capitol News, serving Pennsylvania

Harrisburg, Pa. (PRCN, April 10, 2008) – Pennsylvania’s baby boomers say they’re not planning to retire when their parents did – mostly because they’re worried about the cost of health care.

That’s according to Widener University Economics Professor Eric Brucker. He’s a co-author of a new study on the state’s aging population, and says the trend will present a major challenge for policy makers and employers as the state’s population ages.

“They’re worried about outliving their pensions more so than the elderly, the people that have already retired. And the boomers, people who’ve not yet retired, are extremely worried – over 85 percent of them are worried – about health care costs.”

Brucker says not only are baby boomers planning to work longer, but they also want to phase out work – by transitioning to part time hours.

“It’s a tricky problem. There are some legislative issues involved, but more importantly, how do you say to someone who’s 64 who wants time off to play with their grandchildren, which is typically the reason, you can have it but someone who’s 30 can’t have time off in the same way to take care of his or her kids.”

He presented the findings of the Widener Elder Pennsylvanian Survey to lawmakers in the state House earlier this week.