SHRM: How Employers Should Respond as Older Workers Retire at Record Speed

Baby Boomers are getting older. Born between 1946 and 1964, the youngest members of this generation are turning 59 this year. The generational shift is being felt throughout the economy—and the workforce.

According to Moody's, an estimated 70 percent of the drop in labor force participation since the end of 2019 was due to the retirement of aging workers. Baby Boomers are exiting the labor force at a higher rate than any other population; the labor force participation rate for Americans over age 55 has fallen 1.5 percentage points since before the pandemic.

In addition, research from Gad Levanon, chief economist at The Burning Glass Institute in New York City, shows that working-age population growth is slowing to a halt for the first time in U.S. history, a trend that will continue through the rest of the decade.

How Employers Should Respond as Older Workers Retire at Record Speed (shrm.org)