A study from the Center for Retirement Research at Boston College reveals that older workers, particularly those aged 55 and above, are increasingly leaving their jobs in industries affected by AI. Geoffrey Sanzenbacher, the study's author, notes that this trend is driven by both voluntary departures and unemployment.
The research highlights three potential impacts of AI on older workers: job replacement due to automation, pressure to adapt to new technologies leading to early retirement, and increased productivity that could allow for longer careers. Notably, prior to the introduction of OpenAI's ChatGPT, older workers in AI-exposed roles were less likely to leave their jobs, but this changed post-launch.
The study also suggests that AI exposure could diminish the career length gap between high-earning and low-earning jobs, prompting policymakers to consider these dynamics when discussing retirement age adjustments.
Additionally, projections indicate that the Social Security trust fund may deplete by late 2032, leading to potential reforms such as raising the retirement age or increasing payroll taxes on high earners. Older workers are encouraged to embrace AI technologies while also enhancing their soft skills to remain competitive in the evolving job market