There’s no doubt the number of retirees in the United States is going up. For one, the baby boomers or those who are from 52 to 70 years old now make up more than 73 million of the population. Members of Generation X, meanwhile, who were born from 1965 to 1981, are about 55 million. Within 10 to 15 years, they will also be on the verge of retirement.

1. Many Older
Workers are on
the Verge of
Retirement
PeopleReady

2. There’s no doubt the number of retirees in the United States is going up. For one, the baby boomers or
those who are from 52 to 70 years old now make up more than 73 million of the population. Members
of Generation X, meanwhile, who were born from 1965 to 1981, are about 55 million. Within 10 to 15
years, they will also be on the verge of retirement.
Many people are leaving the workforce and this can have a profound effect on the country’s economy
and businesses.
The Effects of Baby Boomer Retirement on the Workforce
The baby boomers and generation X may not be as technological and as young as the millennial or the
Y generations, but they contribute significantly to the country’s economy as part of the diverse
workforce. They have the expertise, maturity, and, most of all, skills they gained through the years.

3. At least 10,000 of them are expected to retire every year, leaving a significant dent in the number of workers
in the country. It can, therefore, complicate the growing labor gap.
An industry report this year even suggested that at least 6.7 million jobs have remained closed and many
employers are finding it difficult to fill them. The reasons can vary from jobs mismatch to the lack of
professionals available.
A Domino Effect
The labor shortage can create a domino effect in terms of doing business and the way the economy earns.
Businesses need to pay more wages or suffer from lost productivity. It can negatively impact the country’s
competitiveness on the global scale.
There’s no better time to plan for the workers’ retirement than today, especially if their absence would create
a huge disruption in the business operations. Companies can work with recruitment or staffing agencies that
specialize in recruiting qualified candidates in highly competitive industries. They can also create packages
or programs that will encourage older workers to stay longer.

4. Sources:
https://www.peopleready.com/
https://www.census.gov/newsroom/press-releases/2017/cb17-100.html
http://www.pewresearch.org/fact-tank/2018/03/01/millennials-overtake-baby-boomers/
https://www.cnbc.com/2018/07/05/the-us-labor-shortage-is-reaching-a-critical-point.html