07/10/2023

The Baby Boomers are Retiring

See why that’s bad news for workers

The ranks of retirees are growing much faster today than the number of new workers, ushering in an unprecedented graying of America that will reshape our workforce and economy.

For the past 50 years, the baby-boomer generation, born between 1946 and 1964, have worked through the American labor force like a big meal inside an anaconda. As they age, the workforce is becoming older than ever. As they retire, they’ll push the worker-to-retiree ratio lower than ever.

Lower numbers of workers per retiree threaten the future of programs such as Social Security and Medicare, which support older Americans by taxing current workers. As the share of working Americans shrinks, that source of money will too. Both programs face funding shortfalls in the next decade without higher taxes or cuts to benefits.

Please select this link to read the complete article from The Washington Post.