Baby Boomers’ Retiring Effect on the US Economy
Succession planning is critical in preparing for the transition of Baby Boomers to retirement. Perhaps you’ve noticed the term ‘brain drain’ more and more in the popular media. This term is being used to describe the anticipated loss of skilled talent from our workforce as members of the baby boom generation begin to retire. The younger Gen X and Gen Y (New Millennials) are growing impatient to ascend to leadership responsibilities.

Boomers, born from 1946 to 1965 grew up in affluence: Economic progress was assumed, freeing them to focus on idealism and personal growth. Sitting at home through a 20-or 30-year retirement is no longer an option for an increasing number of Baby Boomers. Some are looking to do something else because they have to for financial reasons. Many Boomers are reimaging their work lives and embarking on entirely different careers after retirement.
  • Baby Boomers are finding second or ‘encore’ careers as an option
  • And many are becoming entrepreneurs or working at non-profit agencies
Boomers are expected to live longer than any previous generation, and many hope to continue working in a desire to feel alive and engaged contributing to our growing economy.

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