Phil for Humanity Phil for Humanity
A Guide for the Survival of Humankind and Helping the World, Society, and Yourself.

The Effects of Baby Boomers Retiring

This ongoing recession, or possible depression, has greatly impacted unemployment. Fresh graduates from college are unable to find unemployment and even internships. Even the baby boomers who should have started retiring by now are delaying their retirements in hopes of financial security or to support unemployed family members. Furthermore, baby boomers who were retired have re-entered the job market because their portfolio investments are no longer doing as well, and they want to maintain the same standard of living. Along with massive layoffs, this recession has definitely had a negative impact on all populations of the workforce.

Even with this possible "jobless recovery" that we may have entered, the immediate future of unemployment does not look bright. However, the long-term future of unemployment is quite the opposite.

This is because baby boomers are an extremely large percentage of the entire workforce who will eventually retire in just a few years. It is estimated that most baby boomers will retire after the economy improves or within 5 to 15 years or which ever comes first. It is believed that by 2018, the demand for white collar and medical professions will once again out strip the supply of available domestic workers.

In other words when the economy improves, baby boomers will again feel like they will be able to retire. And when most of the baby boomers do retire in about a decade from now, unemployment for skilled workers will be at an extreme low again. So much so, that businesses could be negatively affected, and they would need to again hire employees from other countries in this country.

In the mean time, the unemployed will continue to suffer.

by Phil for Humanity
on 03/28/2010

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