Demographers call it the “silver tsunami”: a rising tide of older workers that threatens to overwhelm institutions and systems from retirement to health care to employment. Others simply call it “the aging workforce,” which sounds less alarming. But by any name, the challenge facing U.S. businesses, government and society as the workforce ages and the Baby Boomer generation retires is real. And after many years of anticipation, it has arrived.
The proof is in the numbers. Since 2011, roughly 10,000 U.S. Baby Boomers have turned 65 each day. This year, the youngest Boomers turn 50. While the Great Recession did slow the number of retirements in recent years, the percentage of retired Baby Boomers has nearly doubled since 2010. It is clear we need to focus with even greater urgency on this challenge.
Read more and learn what SHRM and our partners are doing to address the aging workforce in this month’s issue of HR Magazine.