And, critically, what are the initial and expected states of the macroeconomic and financial environments under various scenarios? Coming to grips with these questions requires a considerable amount of detailed, up-to-the-minute information - more than can be known ahead of time.
Government policies can also influence the attractiveness of remaining in the workforce. For example, to raise participation rates among older individuals, policymakers could seek ways to preserve or enhance the incentives to work beyond traditional retirement ages. Government policies could also be designed to make work more attractive to other demographic groups.