A big challenge is that the vast majority of Americans lack the money needed to sustain them in retirement, especially as life expectancy has increased. Economists predict that the Millennial generation will inherit trillions of dollars from their Baby Boomer parents. With enormous college tuition debt, the exorbitant prices of homes and apartment rentals and inflation rising, Millennials were looking for financial assistance from their parents.
With more Boomers leaving, it will open new opportunities for Gen-X and older Millennials to step up into senior-level positions. The Covid outbreak has changed so many things in our society. For the older cohort, after years of being in charge, they now need to contemplate their next move.
Their choice is to either ride out this never-ending tumultuous time period of uncertainty in their jobs or calling it a day and quitting. The pandemic made us face our own mortality, which opens the door to thinking deeply about what we want to do with the rest of our lives.
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OK Join. An error has occurred. From Email. To Email. Send Cancel Close. Post a Job See All Jobs. Move your HR career forward. For employment to increase by , as announced by the BLS, it must also be that , people found new jobs. Thus, the number , is the total of all people finding a job in this particular month. In other words, BLS announcements tend to understate the performance of the labor market when the number of retirees is high.
In this post, I will describe a preliminary estimate of the number of people retiring each month over the next 20 years.
I then used age- and gender-specific mortality rates from the Human Mortality Database to compute how many people are expected to still be alive the next year at only one year older. I continued iterating this procedure for a few years, assuming that the age-specific mortality rates remain constant over the years I specify.
Finally, I counted the number of people reaching age 65 each year, further breaking it down to the averages of those reaching 65 each day and each month. The figure below shows the result of this calculation. Initially, it is evident that there will be around 10, people taking the total of retiring males and females turning 65 each day for the next two decades.
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