Dick Van Dyke turning 100 on Dec. 13 is remarkable enough. But the entertainment icon hasn’t simply made it to the century mark. He’s remained purposefully engaged in life and with those around him: acting, dancing, mentoring younger performers and spreading joy to millions.
Rachel Greszler
Van Dyke is a reminder that aging does not diminish our capacity to contribute. It often enhances it.
Aging with purpose and the positive contribution of older adults in today’s economy was the topic of a Dec. 10 hearing before the U.S. Senate, in which I testified.
I emphasized how demographic realities and cultural ills mean that America needs its older generations more than ever — in the workplace and the broader fabric of society. And while policymakers can’t force more engagement from seniors, they can and should remove government-imposed barriers that make it harder for seniors to stay engaged.
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One in4 Americans is 55 or older, and that share is steadily rising alongside our nation’s declining fertility rate, rising life expectancies and the aging of the baby boomers.
By 2034, for the first time in history, the U.S. will have more senior citizens than children. Fortunately, older Americans’ participation in the labor force has been rising with improvements in health and the growth of flexible, less physically demanding work.
Contrary to the notion that older Americans work only out of financial necessity, many seek continued purpose and connection. Studies show that remaining engaged results in happier and healthier older adults, including reducing the risk of chronic disease, cognitive decline and depression.
Aside from traditional jobs, roughly one-quarter of baby boomer professionals and over one-third of Silent Generation professionals engage in flexible, independent work. Many older Americans start small businesses. Others remain engaged in caregiving, volunteering, mentoring and community leadership.
These contributions aren’t just personally fulfilling — they are economically vital.
With 4 million fewer young people working today than in 2000, businesses desperately need experienced people to work and train the next generation.
Every generation faces cultural changes. For many, today’s cultural ills feel more significant. A recent national “Understanding America” study documented the sharpest decline of any character trait in recorded history: conscientiousness among Americans ages 16 to 39.
Younger people today are more careless and distracted. They’re less tenacious and resilient. They make fewer commitments and struggle to follow through on the ones they do make.
Meanwhile, social isolation is rising, welfare-without-work is more widely available, and fewer young people are building the habits that lead to long-term flourishing.
This is where older generations play an irreplaceable role. They impart not only skills but values: responsibility, patience, commitment, perseverance.
Take Clement Troutman, a Navy veteran who opened his first business at age 60. Now 67, he runs multiple Tropical Smoothie Cafés with his daughter. He doesn’t call his workers “employees” but his “dream team,” and twice a year he sits down with each one — teenagers, single parents, young adults finding their way — to help them set goals and chart a path forward.
Clement isn’t just operating successful stores. He is shaping lives. That kind of intergenerational mentorship is exactly what our society needs more of. Yet rather than clearing a path for more Americans like Clement, federal policy often stands in the way.
A big culprit is Social Security’s retirement earnings test, a relic of the Great Depression that reduces benefits for workers under age 67 by $1 for every $2 they earn above about $23,400. Combined with other taxes, this can result in effective marginal tax rates as high as 84% — punishing older Americans who want to work.
I estimate that eliminating this test could bring up to 1 million additional older Americans into the labor force, boost incomes, increase economic output, reduce poverty and improve Social Security’s finances—all without costing taxpayers a dime.
Other policies also limit seniors’ ability to stay engaged.
Whereas regulations on joint employers threaten to upend successful small business models like Clement Troutman’s, the Save Local Business Act would protect small businesses from corporate control.
Congress is examining ways to make it easier for older Americans to transition from traditional 9-to-5 employment into more flexible work. Proposals include: the Modern Worker Empowerment Act, Unlocking Benefits for Independent Workers Act, Independent Retirement Fairness Act, Association Health Plans Act, and Sen. Rick Scott’s Health Freedom Accounts proposal.
America is aging, but that does not have to be a crisis. It can be an opportunity to empower more older Americans to put on a happy face and stay in the race.
Greszler is a senior research fellow at the Heritage Foundation and visiting fellow at the Economic Policy Innovation Center. She wrote this for Tribune Content Agency.
