The silver tsunami has created a new wave of challenges for retirement systems—from unfunded liabilities to the threatened longevity of retirement programs. These new demands call for real and sustained transformation. For example, public retirement agencies must now engage with people in new ways—and also earlier in their lifetimes. Agencies need to think differently, and operate differently. Retirement systems must take a whole person view of customers, charting a journey from when individuals join the workforce, to when they retire. Along this journey, agencies must have more and deeper interactions during the working years—a period when agencies can help people help themselves.
It’s an outdated idea that when work income stops, retirement support begins. Today, people should begin to think about and plan retirement as early as 21. They also may work past 65. Therefore outreach and the ongoing relationship that public retirement agencies have with workers must begin early and continue beyond traditional retirement age.