Baby Boomers have had the best of times. In Bermuda, especially, those born between 1946 and 1964 have experienced the absolute best of times. The Great Depression of the 1930s and two World Wars belonged to their parents' era, not theirs. Apart from the social unrest of the 1960s and 1970s that erupted into riots, Bermuda's Boomers reaped the benefit of a peaceful, booming economy that saw the development of a hugely successful tourism industry as well as the growth of international business. Now we are all experiencing the worst of times, at least, financially.

Not only is much of the world going through an economic downturn that has governments, economists and leading strategists searching for solutions, Boomers are starting to retire or think about retirement at a time when pension funds and savings are seriously eroded.

In addition to their own retirement concerns, Boomers have two more problems. One is their parents, many of whom are now looking for work in a very tight job market. The Wall Street Journal reports that the number of unemployed workers aged 75 and older increased by 46 percent to more than 73,000 in January alone and this is people actively looking for work when they should be retired. They are either trying to return to work because their income has declined and no longer supports them, or because they have been laid off and they are actively trying to find another job instead of retirement.

Many older workers and pensioners have seen the value of their company-sponsored pension plans erode in the free-falling stock-market, while others who worked for smaller companies, or were self-employed, do not have a pension plan other than social insurance. As medical needs increase and medical costs rise, the big squeeze is on and older workers are struggling to either stay in work or find new work.

Companies often 'retire' the older, more experienced worker because they have accumulated higher salaries and generous benefit packages over the years. Some employers also make decisions based on a stereotypical view of older workers as more expensive, less productive, and more resistant to change. In reality, this perception is offset by the accumulated knowledge, skills, and loyalty that the older worker brings to the workplace. A mason who lays 100 bricks a day for five days a week, every week, is a better employee than the worker who lays 50 bricks a day for three days a week and then quits to work for the competition.

In addition to their own retirement concerns, and having to support parents who cannot find work to supplement their retirement income, the other problem for Boomers is their adult children, the 30- and 40-year-olds, who are facing work crises of their own in the form of reduced hours or layoffs. This multi-generational crisis brings a whole new dimension to the concept of a Sandwich Generation.

Many families, and by that I mean multi-generational families, are struggling to keep their households together and pay the bills. We need to encourage them to set aside pride, start a conversation, and develop a collaborative approach among various generations within families so that resources can be shared. We also need to encourage a collaborative approach among Government, the employers, unions and the non-profit sector to support people through hard times.

Government can offer business incentives for worker retention. Employers can resist the urge to purge based on age. Unions can advocate for their older members to stay in work as long as possible. And the non-profit sector can offer training sessions in skills that support their programmes and are transferable to the workplace such as computer technology and keyboarding.

This recession is very different from any other for many reasons, not least because the combination of our ageing population and economic meltdown means more persons are retired or are soon-to-be-retired on minimal savings and reduced pension income. Business as usual is not an option. We need to keep every willing worker in employment as long as possible so that they can pay their bills and pay into the tax, pension and health care systems as we transition through this, the worst of financial times.

Marian Sherratt is Executive Director, Bermuda Council on Ageing. She writes on issues concerning our ageing population each month in The Royal Gazette. Send e-mail responses to info@bdaca.org