Purpose and a Paycheck: Finding Meaning, Money, and Happiness in the Second Half of Life

Description

Purpose and a Paycheck tells the compelling story of how a growing movement of older entrepreneurs and part-time workers are creating a stronger and more vibrant economy. People 65 and older will account for 20 percent of the population in 2030, up from 13 percent in 2000. Many prognosticators blame the aging population for the stagnating economy, citing that as more people retire, they will stop working as relatively fewer working people have to support growing numbers of dependent elderly. Purpose and a Paycheck debunks this line of thought by showing how a growing movement of elderly entrepreneurs and part time workers are creating conditions for a stronger economy Growing numbers of Americans are no longer retiring in the traditional sense, and the numbers are striking such as: the labor force participation rate of men 60 years and over has risen nearly one-third from a low of 26 percent in 1996 to 35 percent in 2014, the comparable rate for women is from 15 percent to 25 percent, and 25.5 percent of new business ventures in 2016 were started by the 55-to-64-year-old age group, up from 14.8 percent in 1996. America's aging society and workforce is redefining work for all generations and is a strong force in shaping the U.S. economy and society, alongside globalization, automation, and climate change. Reframing aging will result in faster rates of economic growth and higher living standards for all of us in addition to a more fulfilling and financially secure second half of life for our aging population.

Chris Farrell, contributing economics editor at BusinessWeek, is an award-winning journalist who started writing about the New Economy in the early 1990s. His cover stories include "Stuck," "Why Are We So Afraid of Growth?," "The Economics of Aging," "Productivity to the Rescue," and "IPO Capitalism." In 1999 and 2000 he received the Gerald Loeb Award in business journalism for two radio documentaries, "The World Turned Upside Down" and "Minnesota in the Dot.com Age." He is cohost and economics editor for Sound Money, a one-hour weekly personal finance call-in show produced by Minnesota Public Radio and syndicated nationally. Farrell is chief economics correspondent for the public radio documentary unit American RadioWorks and a regular commentator for Marketplace. He was host and executive editor of Right on the Money!, a nationally syndicated half-hour public television show, and author of Right on the Money!: Taking Control of Your Personal Finances.